PNE shareholder Enkraft Capital has expressed concern that a takeover bid of the German wind developer by Morgan Stanley Infrastructure Partners “significantly undervalues” the company.
In a letter to the PNE management and supervisory boards, Enkraft, which holds over 2.9% of PNE’s share capital, said that the “intrinsic value of the PNE ranges from €5.50 and €5.70 per share”.
Therefore, “taking into account a moderate takeover premium of only 25%, a fair offer should be in the range of €6.90 to €7.10 per share”, rather than the €4 in cash per share offered by Morgan Stanley Infrastructure Partners.
Enkraft also criticised a plan to delist PNE if only 50% or more of shareholders accept the takeover bid.
This would lead to a situation in which “existing shareholders will have to accept a considerable devaluation of their stake in the company if they don’t accept the takeover bid”, it said.
The letter from Enkraft also included a list of questions regarding the proposed takeover offer which it asked PNE’s management and supervisory boards to respond to by 14 November.
Last week, Morgan Stanley said it had already secured 14.9% of PNE’s total share capital.
It added that PNE’s management and supervisory boards have “declared their support for the offer”.
The acceptance period for the voluntary public cash acquisition will end at midnight on 28 November.