Techem says Macquarie makes takeover offer at 58.00 eur/shr cash UPDATE |
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Mon, 22 Oct 2007 07:03
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(updates with details, background)ESCHBORN, Germany (Thomson Financial) - Techem AG said Macquarie European Infrastructure is making a takeover offer for its shares at 58.00 eur per share cash.The offer is conditional on an acceptance level of 50 pct plus one share of all outstanding shares.The offer of 58.00 eur implies a premium of 24.4 pct over the three-month volume-weighted share price of 46.62, it said.Techem said its management welcomes the offer.'Not withstanding the review of the offer document and the obligations of the management board of Techem AG under take over and company law, the management board of Techem AG will support the offer,' a company statement said.'The Bidder has made far reaching commitments in a framework agreement with Techem AG, including the ongoing support of Techem AG's strategy and the preservation of Techem's corporate headquarters and its workplaces,' it added.In October 2006, Macqurie Bank PLC's MEIF II Energie Beteiligungen GmbH & Co KG launched an offer for Techem for 44 eur per share, or 1.1 bln eur. The bid was dismissed as 'unsolicited' by Techem's management.Macquarie eventually said in February this year that its plan to acquire Techem had collapsed after it acquired just 43.05 pct of the German company. Macquarie's offer at that time was conditional upon a 70.5 pct acceptance rate.marilyn.gerlach@thomson.commog/lht/mog/lhtCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Techem says Macquarie makes takeover offer at 58.00 eur/shr cash 