March 14, 2017 / 5:18 PM / 9 months ago

Germany's Busch abandons bid for rival Pfeiffer Vacuum

FRANKFURT, March 14 (Reuters) - Busch Gruppe said on Tuesday it had abandoned an attempt to buy its rival pump maker Pfeiffer Vacuum.

Family-owned Busch had offered 96.20 euros per share for Pfeiffer, valuing the group at around 949 million euros ($1.01 billion).

The deadline for Pfeiffer Vacuum shareholders to tender their shares ended on March 13.

Pfeiffer Vacuum’s management and supervisory boards had told shareholders to reject the offer as too low.

Busch Gruppe said in a statement that the offer could not be maintained without giving further details.

Already tendered shares of Pfeiffer Vacuum will be returned to shareholders, Busch Gruppe said. ($1 = 0.9405 euros) (Reporting by Harro ten Wolde. Editing by Jane Merriman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below