The Supervisory Board and the Executive Board of Continental AG have, after intensive deliberation, come to the strong conviction, that the announced takeover offer by Schaeffler Group does not value the company adequately and fails to reflect the best interest of the company. In particular, it does not take tax disadvantages and increased refinancing costs triggered by such a bid into account. All members of both boards have declined the offer in its current parameters and fully support the continued legal examination by relevant financial supervisory authorities.
The Supervisory Board distinctly supports all the actions taken by the Executive Board. Consequently, the Supervisory Board has today approved the pursuit of the options of action identified by the Executive Board. The Supervisory Board and the Executive Board will continue to act in the best interest of the company and all of its stakeholders also in this manner.
Both, the Executive Board and the Supervisory Board are at the same time of the opinion that an agreement with Schaeffler Group is desirable. In the case that Schaeffler Group shows willingness to negotiate about either an adequate premium for Continental shareholders or the willingness to limit their targeted stake to an acceptable level for Continental, the Supervisory Board has given the Executive Board its consent to enter into direct negotiations with Schaeffler Group.
The Executive Board and Supervisory Board of Continental will after further specification of the intention of the bidder and after publication of the offer document take into consideration with due care the interests of the company, its shareholders, employees and business partners and will opine on the offer in the context of the legally required response according to Section 27 of the WpÜG (German Securities Acquisition and Takeover Act).
The Supervisory Board distinctly supports all the actions taken by the Executive Board. Consequently, the Supervisory Board has today approved the pursuit of the options of action identified by the Executive Board. The Supervisory Board and the Executive Board will continue to act in the best interest of the company and all of its stakeholders also in this manner.
Both, the Executive Board and the Supervisory Board are at the same time of the opinion that an agreement with Schaeffler Group is desirable. In the case that Schaeffler Group shows willingness to negotiate about either an adequate premium for Continental shareholders or the willingness to limit their targeted stake to an acceptable level for Continental, the Supervisory Board has given the Executive Board its consent to enter into direct negotiations with Schaeffler Group.
The Executive Board and Supervisory Board of Continental will after further specification of the intention of the bidder and after publication of the offer document take into consideration with due care the interests of the company, its shareholders, employees and business partners and will opine on the offer in the context of the legally required response according to Section 27 of the WpÜG (German Securities Acquisition and Takeover Act).
