ASSLAR (dpa-AFX) - Pfeiffer Vacuum Technology AG (PFFVF.PK, PVTCY.PK), a German supplier of vacuum solutions, Monday said that the second offer by Pangea GmbH, a unit of Busch SE, for the intended takeover of a controlling stake, is again not in the interest of the company and its shareholders. The Management Board and the Supervisory Board urged the shareholders to not accept the Busch Group's offer.
Busch submitted the non-coordinated offer on April 12 after a failed takeover bid made to the shareholders of Pfeiffer Vacuum on February 13.
Pfeiffer Vacuum noted that the price of 110 euros per share offered by the Busch Group is inadequate from a financial perspective.
Manfred Bender, CEO of Pfeiffer Vacuum, said, 'The Busch Group is yet again unwilling to offer an appropriate takeover premium to Pfeiffer Vacuum shareholders for the planned acquisition of a controlling stake. Moreover, the Busch Group was yet again unable to present a coherent strategic concept for potential cooperation, which would have afforded us the opportunity to persuade our shareholders of the intrinsic value of possible cooperation and the resultant further improvement of Pfeiffer Vacuum's attractive long-term prospects.'
The company also said a high attendance at the Annual General Meeting on May 23, 2017, will be necessary to safeguard shareholders' rights.
The company further said that when the Busch Group began to acquire a stake, Pfeiffer Vacuum offered repeatedly to hold talks and actually held talks on several occasions.
To this day, the Busch Group has not even begun to outline a suitable scheme as to what form a possible concrete cooperation between the two companies would take, Pfeiffer Vacuum said.
Copyright RTT News/dpa-AFX