Morgan Stanley fund offer for PNE too low: shareholders group SdK

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FRANKFURT: Morgan Stanley Infrastructure Partners’ (MS.N) offer for PNE (PNEGn.DE) which values the German renewable firm at 306 million euros ($337 million) is too low, small shareholders group SdK said on Tuesday.

The 4.00 euro per share bid runs until Nov. 28 and will succeed if more than 50% of shareholders tender their stock.

Morgan Stanley had secured a 21.9% stake as of Nov. 15.

“The cash compensation seems inadequate in our view,” SdK said in a statement. “Against the backdrop of continuing market growth and PNE’s good position, we generally recommend not to accept the offer.”

SdK said shareholders should hold on to their stock and bet on a rising share price or a higher offer, adding in case of a domination agreement or a squeeze out a significantly higher price would have to be paid than the current offer.

Two of PNE’s top-10 shareholders, ENKRAFT and Active Ownership Capital, will not tender their shares, according to previous statements.

They jointly account for about 8% of PNE’s shares.