FRANKFURT, June 8 (Reuters) - German pump maker Pfeiffer Vacuum’s management on Thursday criticised efforts by bidder Busch Group to win supervisory board seats as part of a takeover.
In a statement, Pfeiffer Vacuum Chief Executive Manfred Bender said, “We continue to take a critical view of a possible attempt on part of Busch Group to seize disproportionately high representation on the supervisory board.”
Pfeiffer Vacuum said only 0.17 percent of shareholders had tendered their shares, adding that this confirms the management and supervisory board’s opinion as to the offer’s inadequacy.
Pfeiffer Vacuum formally rejected Busch Group’s takeover on April 24, 2017. (Reporting by Edward Taylor; Editing by Tom Sims)