Shareholders in Cement company Cimentos de Portugal SA (CPR.LB), or Cimpor, rejected a $5.5 billion takeover bid from Brazilian steel company Companhia Siderurgica Nacional (SID, CSNA3.BR), Cimpor said in a statement via the Lisbon stock exchange late Thursday.

The board said CSN's bid price "significantly undervalued the company." Furthermore, the board said CSN's offer was "opportunist, irrelevant and disturbed the company's operations."

CSN declined to immediately comment on Cimpor's position.

Cimpor's main shareholders, Teixeira Duarte Engenharia e Construcoes SA (TDU.LB), Banco Comercial Portugues SA (BCP.LB) and Cinvest, supported rejecting the bid, according to local newspaper reports earlier Thursday.

CSN launched a takeover bid Dec. 18, 2009, at EUR5.75 a share for 100% of Cimpor.

Cimpor shares closed 1.1% higher at EUR6.50 on the Lisbon stock market Thursday before the company rejected CSN's offer.

-By John Kolodziejski, Dow Jones Newswires; 55-21-2586-6086; John.Kolodziejski@dowjones.com
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