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FRANKFURT (Reuters) - German pump maker Pfeiffer Vacuum (PV.DE) said on Monday its management and supervisory board advised shareholders not to accept an improved takeover offer by rival Busch Group.
Busch in late March announced a 110 euro per share offer for Pfeiffer, valuing the group at around 1.1 billion euros ($1.20 billion), after a previous approach failed.
Pfeiffer has criticized Busch for still not offering a premium over the current share price, which stood at 116.90 euros at Friday's close, valuing Pfeiffer at around 1.15 billion euros.
Reporting by Maria Sheahan, editing by Louise Heavens