SYDNEY, June 2 (Reuters) - Australian testing services provider ALS Ltd ALQ.AX said on Thursday its board of directors has rejected a takeover offer from private equity firms Advent International and Bain Capital saying it significantly undervalued the company.
"The board believes that the timing of the approach is opportunistic and made at a time when ALS is strongly advancing its growth strategy in its life sciences business," ALS said in a statement.
ALS shares were trading 26 percent higher on Thursday afternoon. ($1 = 1.3810 Australian dollars)