November 29 (Renewables Now) - The management and supervisory boards of PNE AG (ETR:PNE3) continue to support the takeover bid launched by Morgan Stanley Infrastructure Partners (MSIP) after the latter amended and extended the public tender offer.
The German wind project developer said in a statement today that its boards continue to consider the offer of EUR 4.00 (USD 4.4) per share to be adequate. PNE will not exercise its right to terminate the previously signed investment agreement, which is valid until April 2022. It continues to believe that the deal is in the best interest of the company.
According to the announcement, the offer has already been accepted by a wide range of shareholders and MSIP’s Photon Management GmbH, which launched the bid on October 31, currently holds almost 40% of the outstanding PNE shares. Photon was targeting acceptance of over 50% but waived that condition on Wednesday when it extended the offer until December 12.
One of PNE’s top 10 shareholders, Enkraft Capital GmbH, has been voicing its disapproval of the 50% plus one share minimum acceptance threshold because it would have allowed the bidder to delist PNE even if many shareholders remained.
PNE’s management and supervisory boards reiterated that they will only support a delisting if the bidder acquires a share of more than 50% in the company.
In addition to Enkraft, the offer was opposed by Active Ownership Capital, which is PNE's third largest investor. Small shareholders group SdK also determined that the bid undervalues the German wind project developer.
(EUR 1.0 = USD 1.01)