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Metro shareholders snub EP Global Commerce's €5.8B takeover offer

Czech investor Daniel Kretinsky's €5.8 billion takeover offer for Metro AG has so far received a lukewarm response from shareholders, Reuters reported July 31, citing a filing.

EP Global Commerce VI GmbH, Kretinsky's acquisition vehicle, is proposing to acquire a majority stake in the German retailer for €16 per ordinary share and €13.80 per preference share. However, Metro has recommended against the offer, saying it undervalues the company.

EP Global has set a minimum acceptance threshold of 67.5% for the offer, which runs until Aug. 7. EP Global's total position in the retailer would be about 33.18% if it adds shares it can acquire using options to the shares it already holds in the company.

As of July 30, only 0.46% of shares were tendered by Metro's investors to EP Global Commerce, according to the filing.

Metro's top investors Meridian Foundation and Beisheim Group have rejected the offer and instead pledged to boost their equity interest in the company.

The report comes a day after the news outlet reported that Kretinsky is seeking to hold discussions with Metro's management and some investors to revive the takeover talks with EP Global.

Metro's stock closed down 3.85% to €14.00 following the report.