(Reuters) -Australia's Orora Ltd said on Tuesday it had rejected...

(Reuters) -Australia's Orora Ltd said on Tuesday it had rejected a A$3.42 billion ($2.25 billion) non-binding takeover offer from private equity firm Lone Star Fund XII Acquisitions, stating the offer materially undervalues the packaging products maker. Under the offer, Orora shareholders would have received A$2.55 per Orora share from Lone Star, a 33.9% premium to the stock's last close. The company has determined that it is not in the best interest of its shareholders to engage further engage with Lone Star on the offer, Orora said in a statement, adding that the offer is "opportunistic".