Both the management and the supervisory board of German wind developer PNE AG are recommending shareholders to accept a public takeover offer tabled by Morgan Stanley Infrastructure Partners on Oct. 10.
The bid made via the banking giant's Photon Management unit at €4.00 per share implies a total equity and enterprise value of approximately €360m ($397m) for PNE.
The boards believe “that the total amount of the consideration which is based on the offer price per PNE share is adequate” and appropriately reflects the value of the company at the present time, the developer said in a statement.
They also see the intention of the bidder to form strategic partnerships as positive.
PNE’s core portfolio is in Germany and France. The company recently expanded its business activities in Poland, Sweden, and the US, and has recently entered the market in Panama.
Completion of the offer will be subject to a minimum acceptance ratio of 50% plus one share, as well as antitrust and foreign investment control approvals.