Volkswagen agrees $3b tender offer
A consortium led by German automaker Volkswagen has agreed with Europcar to launch a tender offer for the car rental company, which will value the group’s equity at around €2.5 billion ($2.95 billion). Volkswagen is proposing an offer price of €0.5 per share, and which could be topped up by a €0.01 per share supplement if 90% of shareholders take up the bid, Europcar said in a statement, adding that its board had recommended the offer. A previous €0.44 per share offer from Volkswagen and investors Attestor and Pon Holdings was rebuffed by Europcar’s hedge fund owners at the end of June. Europcar said the same group of investors was involved in the new approach.
Published in The Express Tribune, July 29th, 2021.
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