MAN Trucks says it now has a mandatory two-week period in which to consider today’s (31 May) take-over offer from Volkswagen.
The German automaker has offered EUR95 (US$137) per ordinary share and EUR59.9 per preference share and is subject to regulatory approval.
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“We will check this offer and give a statement within two weeks,” a MAN Trucks spokesman in Germany told just-auto. “There is no particular date – there exists in German regulations that you have to do it two weeks after. However, he noted that could be next week or at the end of the two-week period.
The MAN spokesman added Volkswagen had said two months ago it would reveal an offer price in May and it was “not a complete surprise, not at all,” although he declined to comment on the value.
Volkswagen added the offer was being made as a cash proposal and was subject to regulatory approvals including merger control clearances.
Permission for publication of the offer was granted yesterday (30 May) by the Bundesanstalt für Finanzdienstleistungsaufsicht, Germany’s Federal Financial Supervisory Authority.
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By GlobalData“This offer represents a further step by Volkswagen towards the creation of an integrated commercial vehicle group consisting of MAN, Scania and Volkswagen,” added the automaker.
