Metro says €5.8bn takeover bid is too lowChristian Fernsby ▼ | June 23, 2019
Metro said that an unsolicited offer by two prominent investors to take over the German retailer substantially undervalues it.
Acquisition EP Global Commerce made the takeover offer
The retailer, noting that the offer price was only 3% above the closing share price on Friday, said the bid “substantially undervalues the company and does not reflect its value creation plan”.
Metro said management was continuing to transform the company. It said that it would comment further once the full offer document was available and that shareholders should take no action in the meanwhile.
EP Global Commerce, which already holds a stake of nearly 11% in Metro, said on Friday that its offer price of €16 for each ordinary share and €13.80 for each preferred share represented a 34.5% premium to when EP Global Commerce made its initial investment in August. ■