July 30, 2019 / 11:03 AM / 24 days ago

Investor seeks talks over contested Metro takeover bid: sources

FILE PHOTO: German retailer Metro AG sign is seen on the steps of their headquarters in Duesseldorf, Germany March 02, 2018. REUTERS/Thilo Schmuelgen

DUESSELDORF, Germany (Reuters) - Czech billionaire investor Daniel Kretinsky wants to hold talks to try to find a compromise after management and some investors rejected his bid to buy German wholesaler Metro (B4B.DE), several sources close to the process said on Tuesday.

Kretinsky wants to hold talks with all the involved parties, including major shareholders, the sources told Reuters. Metro and the other parties involved declined to comment.

“The coming days could be exciting,” one source said.

Two major shareholders in Metro said on Monday they planned to join forces by pooling their interests and voting rights to seek to fend off the takeover bid.

The investors Meridian Foundation and Beisheim Group, which hold a combined 20.56% of Metro’s ordinary shares, both rejected the 5.8 billion euro ($6.6 billion) takeover offer for Metro by EP Global Commerce as “inappropriate”.

Metro’s shares were down 2.5 percent at 1045 GMT.

Meridian and Beisheim have previously said they are open to constructive solutions for Metro’s future.

EP Global Commerce, an acquisition vehicle owned by Kretinsky and his Slovak partner Patrik Tkac, made the takeover offer for Metro in June.

Metro has previously said the EP Global commerce offer substantially undervalues it.

Reporting by Matthias Inverardi; Writing by Emma Thomasson; Editing by Michelle Martin

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below