Morgan Stanley has published its offer for the voluntary public cash acquisition of all PNE shares not already directly held by the investor.
Shareholders can accept the offer by tendering their shares at a price of €4 in cash per PNE share.
The acceptance period will end at midnight on 28 November 2019.
The offer represents a premium of 31% to the closing price of PNE shares on 26 August 2019 (€3.05), the last closing value before PNE confirmed takeover talks with Morgan Stanley.
Through sale and purchase agreements and on exchange purchases, Morgan Stanley has already secured 14.9% of PNE’s total share capital, including the stake of the largest shareholder in the company.
The financing of the transaction is secured.
PNE’s management and supervisory board of have “declared their support for the offer”, according to Morgan Stanley.
Morgan Stanley Infrastructure Partners executive director Christoph Oppenauer said: “Our offer reflects our belief in the long-term potential of PNE’s future strategic growth.
“We are pleased that we have already secured a significant stake in the company. With our investment, we intend to accelerate PNE’s growth as a sustainable and competitive renewable energy platform, supporting progress towards achieving the renewable energy targets of governments in PNE’s core markets.”