PNE Agrees to Takeover Offer From Morgan Stanley Subsidiary
October 10 2019 - 5:01AM
Dow Jones News
By Kim Richters
PNE AG (PNE3.XE) has agreed to a potential takeover offer from a
Morgan Stanley (MS) subsidiary in a deal that values the company at
about 306 million euros ($335.8 million), the German wind-energy
company said Thursday.
Morgan Stanley infrastructure subsidiary Photon Management GmbH
has offered EUR4 a share for all the outstanding shares, PNE said,
with a minimum acceptance threshold of 50% plus one share.
PNE's supervisory and management boards support the offer, which
represents a premium of around 31% to the share price on Aug. 26,
before PNE first confirmed talks with Morgan Stanley's
infrastructure division.
The potential buyer is planning to delist the company, PNE
said.
At 0827 GMT, shares in PNE traded 4.2% higher at EUR4.02.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
October 10, 2019 04:46 ET (08:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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