MILAN, April 30 (Reuters) - Investors in Atlantia ATL.MI should reject a revised offer for the infrastructure group's motorway unit, activist hedge fund TCI said on Friday, adding the improvement was still too small.
"No deal is better than a bad deal," Jonathan Amouyal, partner of TCI Advisor, told Reuters.
On Thursday a consortium of investors led by Italian state lender CDP sent a revised proposal in an effort to find an agreement to buy Atlantia's Autostrade per l'Italia unit.
"The improvement is still significantly below the bottom of the range provided by the fairness opinions, which value Autostrade at between 9.5 billion and 12 billion euros," he said, adding TCI valued the unit at between 11-12 billion euros.