Vitesco calls Schaeffler's increased offer price 'inadequate'

Vitesco Technologies AG

27/11/2023 08:52

Nov 27 (Reuters) - Vitesco Technologies'  VTSCn.DE 
management said on Monday it considered an increased offer price
from Schaeffler AG for shares in the company to be inadequate.
    "The Management Board and the Supervisory Board also
consider the increased offer price per Vitesco Technologies
share to be inadequate from a financial point of view," the
company said in a statement.
    Although the increased offer price does not "adequately
reflect the long-term value of the company", it gives an exit
opportunity to avoid risks or to short-term investors in the
ongoing market situation, it added.
    

 (Reporting by Amir Orusov and Christina Amann, Editing by
Rachel More)
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