By Mauro Orru 
 

Europcar Mobility Group SA has rejected a takeover approach valuing the company at about 2.21 billion euros ($2.64 billion) after concluding the proposal didn't reflect the company's value and potential.

The Paris-listed car-rental company said Wednesday that it recently received an expression of interest for a potential transaction. It didn't name any prospective bidders.

"After studying this proposal carefully, the board of directors of the company has concluded that the price of EUR0.44 per share proposed does not reflect the company's full value and value creation potential," Europcar said.

"Further discussions may take place, which the company does not intend to comment, unless required by law," the company added.

Earlier on Wednesday, Bloomberg reported that Europcar had rejected a takeover attempt from Volkswagen AG at about EUR0.44 per share, citing people with knowledge of the matter.

Volkswagen didn't respond to a request for comment.

Europcar shares closed 9.5% higher at EUR0.43 on Wednesday.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

June 23, 2021 13:02 ET (17:02 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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