PNE AG agrees to be taken over by Morgan Stanley Infrastructure

Forza Petroleum

10/10/2019 08:08

FRANKFURT, Oct 10 (Reuters) - Wind energy project developer
PNE AG  PNEGn.DE  has agreed to be taken over by Morgan Stanley
Infrastructure (MSIP) in a deal valuing the company at 300
million euros ($330 million), it said on Thursday.
    The fund intends make an offer worth 4 euros a share,
offering a 21% premium, subject to a minimum acceptance
threshold of 50%. It also intends to delist the company after
completion.
    MSIP had earlier said it could offer 3.50-3.80 euros a
share, but increased its bid after other suitors started due
diligence on PNE. urn:newsml:reuters.com:*:nL5N2692WP
    PNE had caught the eye of Australian infrastructure investor
Macquarie  MQG.AX , Swedish private equity firm EQT  EQTAB.ST 
and Canadian energy group Oryx  OXC.TO , people familiar with
the matter had said.
    PNE shares were up 5.7% at 4.08 euros at 0706 GMT.
($1 = 0.9090 euros)

 (Reporting by Arno Schuetze
Editing by Michelle Martin)
 ((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))