Investment company EP Global Commerce (EPGC), owned by Czech billionaire Daniel Kretinsky and his Slovak partner Patrik Tkac, continues to increase its stake in the German trading company Metro, acquiring more than 40% of the company's ordinary shares, the DPA agency reported on November 20.
With the expiration of the deadline for acceptance of voluntary takeover bid, the EPGC accepted proposals to buy 10.6% of Metro's ordinary and 1.84% of preferred shares.
EPGC's share of Metro's common stock thus rose to about 40.6% from 29.9% before the takeover bid. The company offered €8.48 per common share and €8.89 per preferred share.
According to DPA, Metro's management considered the offer too low and advised shareholders to reject it.
As reported by the Czech News Agency earlier this month, after exceeding the 30% threshold, EPGC may gradually increase its shareholding without being obliged to make a takeover bid.
A year ago, EPGC became the largest shareholder in Metro, increasing its share to 29.99%. Kretinsky and Tkac made a voluntary public takeover offer for CZK150bn (€5.9bn) back in June 2019. However, Metro’s board turned it down and recommended to its shareholders not to accept the unsolicited takeover offer.
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