Morgan Stanley fund offer for PNE too low: shareholders group SdK

This post was originally published on this site

FRANKFURT (Reuters) – Morgan Stanley Infrastructure Partners’ (N:) offer for PNE (DE:) which values the German renewable firm at 306 million euros ($337 million) is too low, small shareholders group SdK said on Tuesday.

The 4.00 euro per share bid runs until Nov. 28 and will succeed if more than 50% of shareholders tender their stock.

Morgan Stanley had secured a 21.9% stake as of Nov. 15.

“The cash compensation seems inadequate in our view,” SdK said in a statement. “Against the backdrop of continuing market growth and PNE’s good position, we generally recommend not to accept the offer.”

SdK said shareholders should hold on to their stock and bet on a rising share price or a higher offer, adding in case of a domination agreement or a squeeze out a significantly higher price would have to be paid than the current offer.

Two of PNE’s top-10 shareholders, ENKRAFT and Active Ownership Capital, will not tender their shares, according to previous statements.

They jointly account for about 8% of PNE’s shares.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment