Filter content by area of interest
Handling Equipment/Systems
Ports & Terminals
Transport & Distribution
Materials & Commodities
Storage
Processing
ICT & Telecoms
Civil Engineering
Environment
Safety & Security
Business
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing these articles with our compliments during the launch of our new website. 


register  or  login  to manage your newsletter preferences and to prevent this message from appearing.

VTG Aktiengesellschaft fights takeover

The Executive Board and Supervisory Board of VTG have released a “Joint Reasoned Opinion” rebuffing Morgan Stanley’s takeover offer.

Linked InTwitterFacebookeCard

The bosses of VTG Aktiengesellschaft, one of the leading railcar leasing, rail logistics and tank container logistics companies, stated that the offer price does not reflect the company’s true value, does not contain a control premium in line with the market, and is a substantial discount on comparable transactions.

 

Dr. Heiko Fischer, chairman of the Executive Board of VTG Aktiengesellschaft, said: “We recommend that our shareholders do not accept the offer from Morgan Stanley Infrastructure as the consideration offered does not reflect the fundamental value and the future potential of VTG. Nor does the offer contain an appropriate control premium – it is substantially lower than for comparable transactions.

 

“The offer price of €53 per share does not reflect the fundamental value that VTG can generate as an independent company.”

 

The company’s statement continued: “Thanks to its long-standing experience and high-level technical expertise, VTG is one of the market leaders and at the forefront of innovation in the European railcar leasing and rail logistics market.

 

“Due to an attractive market environment, the strengthening of the business model by the proposed acquisition of CIT Rail Holdings (Europe) SAS (Nacco acquisition), and the digitisation strategy initiated by the company, VTG has excellent growth prospects.

 

“This is also reflected in analyst target prices published up to 3 September 2018, which already take into account the financial figures for the first half of 2018 and also the progress made regarding the Nacco acquisition and, on a trading basis and consequently subject to a takeover/control premium, result in an average target price of €58.44. Furthermore, the offer price implies a significant discount to the net asset value of the wagon fleet determined on the basis of the discounted earnings method.”

 

Linked InTwitterFacebookeCard

Latest News

Wärtsilä/CSL deploy lock assist system

Wärtsilä/CSL deploy lock assist system

Coal shipping via the Northern Sea Route

Coal shipping via the Northern Sea Route

New fertiliser hopper cars for EuroChem

New fertiliser hopper cars for EuroChem

Cardiff invests £400k in quayside storage

Cardiff invests £400k in quayside storage

Linked In
Twitter