Board Member: 90-100 euros ‘Appropriate’ Continental Price Tag
Financial Times Deutschland is reporting that an unidentified Continental AG supervisory board member said a takeover offer of between 90 and 100 euros per share would be more appropriate, than Schaeffler Group’s current 70.12 euros bid. The report also suggested that a foreign investor could be about to launch a counter-bid for Continental, making Schaeffler’s all German takeover bid appear more acceptable.
However market analysts are casting doubt over this theory: “I wouldn’t know of any industrial company that could make a counter-bid,” said Stephan Thomas, a fund manager at Frankfurt Trust Investment GmbH in Frankfurt. “Given the current credit- market turmoil, it’s unlikely that private equity companies will do so,” he told Bloomberg.