February 13 (Renewables Now) - Following a failed attempt by Morgan Stanley Infrastructure Partners (MSIP) to take over and delist the company, a new investor has reportedly bought a stake in German wind project developer PNE AG (ETR:PNE3).
Two informed sources have told Reuters that British investor Petrus Advisers had acquired a stake of an unknown size in PNE. The report does not give more information about the rumoured transaction.
Neither party commented when contacted by the news agency.
Photon Management GmbH, an indirect fully-owned unit of funds managed and advised by Morgan Stanley Infrastructure Inc and part of Morgan Stanley Infrastructure Partners (MSIP), launched a takeover bid of EUR 4.00 (USD 4.35) per PNE share at the very end of October 2019.
The offer, which valued PNE’s equity at EUR 306 million, was opposed by existing shareholders such as Enkraft Capital GmbH and Active Ownership Capital. Eventually the MSIP vehicle failed to pass the threshold required to proceed with a delisting and ended up with a stake of just 39.80%.
(EUR 1.0 = USD 1.088)