According to MSI, Kühne Holding, which holds approximately 20% of the shares in VTG, irrevocably committed to tender the shares it currently holds in connection with the takeover offer.

VTG says it has not agreed to the takeover and it does not think the offer reflects its value considering its predicted future potential including the strengthening of its business model by the proposed acquisition of Nacco and the digitalisation strategy it has started.

“Offering a premium of only 4% on the volume-weighted three-month average share price to today’s announcement, the offer price does not contain an adequate control premium,” VTG said in a statement. “From today’s perspective, the executive board of the company will therefore not be able to recommend to its shareholders to accept an offer at €53 per share.”

“We are always open for constructive discussions with MSI,” VTG CEO Dr Heiko Fischer says. “As soon as we have received the offer document, we will examine in detail whether it is in the interest of the company, our employees and shareholders. From today's perspective of the executive board, the announced offer price of €53 does not adequately reflect the potential of the company and is therefore not appropriate.”

MSI says the offer is subject to both the usual closing conditions and the closing of the Nacco acquisition, which was cleared by antitrust authorities subject to conditions and is expected to be completed in the second half of this year.