CNBC – Australian bank Macquarie raised its offer for Techem to 1.43 billion euros ($2 billion), 5.4 percent more than its previous bid and thefourth offer for the German metering company.
Techem shares were indicated 18 percent higher in trading before markets open after Macquarie said on Monday it offered Techem’s investors 58 euros a share. Techem recommended its shareholders to accept the offer.
“The offer is amongst all possible options the best for the future,” spokesman Stefan Lutz said.
Techem had been caught in a struggle between Macquarie, hedge funds and other investors that sought to buy the company, and Chief Executive Horst Enzelmueller said in September in a newspaper interview he was looking for a new majority investor to end the stalemate caused by the two competing large shareholders — Macquarie and the hedge funds.
