U.S. investment fund Elliott said on Monday it still considers Hitachi’s revised offer to buy out minority shareholders in Italian train signaling group Ansaldo STS (STS.MI) too low and does not plan to tender its stake.

Hitachi was forced by Italian market watchdog Consob to raise its mandatory public tender offer on the company’s minorities to 9.899 euros per share from 9.5 euros per share. It launched the bid last month after buying 40 percent of Ansaldo STS from defense group Finmeccanica (SIFI.MI).

Elliott said it owned 10.7 percent of Ansaldo STS and would not tender that stake. Its overall long position in the Italian company gives it a potential stake of 19.5 percent.

The mandatory offer ends on Friday.

(Reporting by Silvia Aloisi, editing by Valentina Za)

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