Global Infrastructure Partners (GIP) has raised its offer for Italian railway group Italo to around 2 billion euros ($2.45 billion), a source familiar with the matter said on Wednesday.

GIP initially offered 1.9 billion euros for the private high-speed railways operator, excluding debt.

The board of Italo was meeting earlier on Wednesday to discuss GIP’s initial offer but the meeting was suspended when the new proposal arrived to give shareholders the chance to decide whether to accept or reject the offer, the source added.

READ FULL ARTICLE HERE