Finance / Germany
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Continental Calls Schaeffler's Bid Undervalued, Rejects It
July 2008 | Company News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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German auto parts supplier Continental has rejected smaller company rival Schaeffler's takeover bid, worth some EUR11.2bn (US$17.9bn), stating that the offer was undervalued. Continental's rejection comes after the company's shares rose to almost EUR73.70 (EUR117.92) by midday yesterday following news of Schaeffler's interest in the takeover. The privately owned Schaeffler had offered EUR69.37 (US$110.58) a share for