ASSLAR (dpa-AFX) - Pfeiffer Vacuum Technology AG (PFFVF.PK, PVTCY.PK) announced the company's Management Board and Supervisory Board have advised shareholders to not accept the Busch Group's offer. The Boards deemed the offer price and structure are inadequate.
The Busch Group stated in the offer document that it considers to put a profit transfer or domination agreement between the Busch Group and Pfeiffer Vacuum in place as soon as the offer has been successfully concluded. The Management Board and the Supervisory Board of Pfeiffer Vacuum take a critical view of this plan because the aim is to take de facto control over Pfeiffer Vacuum without paying shareholders a customary premium for acquiring such a controlling interest.
Manfred Bender, CEO of Pfeiffer Vacuum Technology AG, said: 'The Busch Group is aiming to gain active control of Pfeiffer Vacuum without paying a customary and appropriate takeover premium. A coherent strategic concept for potential collaboration has not yet been presented by Busch.'
Copyright RTT News/dpa-AFX