BPB PLC's institutional investors have demanded the group not be sold for less than 800 pence a share, valuing the group at more than 4 bln stg, the Sunday Telegraph reported.
The British plasterboard maker Friday made it clear a 675 pence a share proposed offer from French group Compagnie de Saint-Gobain would be rejected.
NM Rothschild, BPB's advisors, consulted institutional shareholders following the bid and came back with a clear message to hold out for a higher offer, the paper said. They are keen to support the present management.
BPB shares surged 35 pct, or 181 pence to 693.5 Friday, after announcing the bid approach.