Metro raid is an opening salvo in longer battle dasha_reuters
Metro on June 23 said that an unsolicited 5.8 billion euro offer from two prominent investors “substantially undervalues” the German retailer, and advised shareholders not do anything until management comments further.
EP Global Commerce, an acquisition vehicle co-owned by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac, on June 21 made a takeover offer of 16 euros per ordinary Metro share and 13.80 euros per preference share. The offer is a 3% premium to Metro’s closing share price on June 21, but 34.5% above the price prior to EP Global’s initial investment in August 2018.
EP Global already owns 11% of the company. It said it had the full support of investment firm Haniel, which owns 15.2% of Metro, and that it would exercise a call option to buy a 5.4% stake held by an affiliate of retailer Ceconomy.
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