EP Global Commerce VI GmbH's takeover bid for German retailer Metro AG failed to reach the minimum acceptance threshold of 67.5%, according to an Aug. 9 release.
EP Global, the acquisition entity controlled by Czech investor Daniel Kretinsky, disclosed in a statement that the total number of Metro shares for which the offer has been accepted amounted to only 41.7%. The firm previously refused to adjust its offer after it was snubbed by Metro shareholders.
"The management board and the supervisory board welcome EPCG's intention to generally support Metro's transformation process and strategy and continue to be open to a constructive dialogue," Metro said in a statement.
Investors Meridian Stiftung and Beisheim Holding, which formed an alliance to own a combined 21% stake in the German supermarket operator, did not tender their shares in the offer. The companies plan to expand their equity interest in Metro to secure its "positive development."