Tognum board considers Rolls-Royce and Daimler offer inadequate

The statement says that the Board of Management and Supervisory Board welcome the tender offer from Daimler AG and Rolls-Royce Group plc. from a business perspective. A successful takeover offer would further strengthen the company’s global technology leadership in propulsion systems and distributed energy systems.

However, it goes on to say that the board of Management is of the opinion that the offer price of 24.00€ per Tognum AG share is not appropriate. The offer price notably fails to reflect the capital expenditure carried out in recent years and the growth prospects for the Tognum Group that are associated with this capital expenditure alone. Nor is the offer price appropriate on the basis of Tognum AG’s long-term business plan.