The management and supervisory boards of German renewables developer PNE have recommended that shareholders accept the voluntary public takeover offer by Morgan Stanley Infrastructure Partners.
The boards said in a statement that Morgan Stanley’s offer of €4 per share in cash made on 10 October is “adequate”, based on separate independent analysis by each one them.
“The consideration in the view of the board of management and the supervisory board, appropriately reflects the value of the company at the present time – ie, also taking into account the current overall regulatory, geopolitical and macro-economic situation,” they said.
According to the boards, the offer is in the “best interest of the company”.
Last week, a major shareholder in PNE, Enkraft Capital, said that the offer “significantly” undervalued the company.
Enkraft said that a fair offer would be a price in the range of €6.90 to €7.10 a share.
The shareholder requested a response from the boards by 14 November to its concerns.
The acceptance period for the Morgan Stanley offer will end at midnight on 28 November.