Diesel engine maker, Tognum’s institutional investors have rejected a €3.2 billion offer by Daimler and Rolls-Royce, Financial Times reports. The investors, including ING and First Eagle, have declined the €24 per share offer on the grounds that it was low.

The bidders have set a low threshold of 50% plus one share for the deal. Daimler already holds a 28.4% stake in Tognum and requires approval from shareholders holding another 22% stake for the offer to be valid.

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