PNE investor unhappy with Morgan Stanley offer

Enkraft Capital, an investor that holds a stake of over 2.9% in PNE AG (ETR:PNE3), insists that a takeover offer for the German wind power specialist should not be below EUR 6.90 (USD 7.70) per share.

In a letter to PNE's management and board, sent also to Renewables Now, Enkraft criticises the ongoing tender offer of just EUR 4.00 apiece for PNE’s stock that was launched last week by a fund controlled by Morgan Stanley Infrastructure Partners (MSIP). It says that a bid for a company such as PNE, taking into consideration its forecast business development, should stand between EUR 6.90 and EUR 7.10 per share, assuming a takeover premium of 25%.

Enkraft has also warned that it would take the matter to court if PNE’s board backs a delisting of the company. The investor finds it unusual that the management board has committed to initiate the delisting of the company's shares if only more than 50% of PNE shareholders accept the takeover bid.

MSIP’s tender bid will run until November 28. The company said on Friday that it had already secured 14.9% of the shares, including the stake of the largest shareholder. It is targeting an acceptance level of at least 50% plus one share.

(EUR 1.0 = USD 1.116)

Choose your newsletter by Renewables Now. Join for free!