News / VTG board calls on shareholders to reject 'too cheap' Morgan Stanley takeover bid

06/09/2018

The board of German wagon leasing and rail freight logistics operator VTG has asked shareholders to reject a takeover bid by an investment fund controlled by US bank Morgan Stanley.

In July, Morgan Stanley subsidiary Warwick Holdings built up a 27% stake in VTG, which is listed on Frankfurt Stock Exchange, and agreed to buy just over 20% more from Kuehne Holdings at €53 per share.

It followed that with a €53 per share offer to VTG’s remaining shareholders.

The VTG board said the offer undervalued ...