Tognum Rejects €3.2B Daimler-Rolls Offer
German engine maker, Tognum, has discarded a €3.2 billion takeover offer by Daimler and Rolls-Royce.
German engine maker, Tognum, has discarded a €3.2 billion takeover offer by Daimler and Rolls-Royce, Financial Times reports. Tognum’s management, advised by Deutsche Bank and Lazard, considered the offer inappropriate.
The bidders, which need only 22% of freely traded shares to be tendered, set a low threshold of 50% plus one share for the deal. Daimler already owns a 28.4% stake in Tognum, whose executive and non-executive directors own about 6.9% of its shares.
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