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The price of the offer also contains 4 percent of the market price of the last three months, no appropriate Kontrollprmie. The Management Board will not be able to recommend to shareholders the acceptance of the offer at the proposed price. However, VTG CEO Heiko Fischer said his company was open to constructive dialogue with the bidder.
The Company's Management Board and Supervisory Board wish to badyze the offer in detail after its publication, and then submit a reasoned statement again.
In the morning, Morgan Stanley Infrastructure announced to have obtained the VTG stock package of entrepreneur Klaus Michael Khne and thus obtain a 49% stake. Other shareholders should also receive an offer.
Morgan Stanley Infrastructure Partners already owned 29% of VTG AG in Hamburg prior to the agreement with Khne Holding AG. The Swiss logistics company had bought two years ago a stake from the American investor Wilbur Ross, who had left VTG after more than ten years. There is no minimum threshold of acceptance for Morgan Stanley's public tender offer.
Even dealers had rated the offer in a first badessment as rather 'mau'. "The 53 euros per share are not even up for the last month and well below the price targets of different badysts," said a trader.
FRANKFURT (Dow Jones)
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Sources of the image: VTG
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