Big Continental shareholders want premium bid

FRANKFURT, July 22 (Reuters) - Two big institutional investors in Continental AG (CONG.DE) insisted to Reuters on Tuesday that the German automotive supplier hold out for a takeover offer that offers a premium to shareholders.

One said that the company was worth 80-100 euros per share and a takeover offer had to put a premium of 20 percent on top of that. Another investor, whose company holds more than 1 million shares in Continental, said he would consider selling the shares for between 80 and 100 euros each.

Neither would agree to be identified by name.

Rival supplier Schaeffler has offered the legal minimum of 70.12 euros per share, valuing Continental's equity at roughly 11.3 billion euros ($17.95 billion).

Shares in Continental were up 0.5 percent at 72.07 euros by 1000 GMT ahead of a supervisory board meeting on Wednesday to discuss the unsolicited bid. (Reporting by Philipp Halstrick) (michael.shields@thomsonreuters.com, Reuters Messaging: michael.shields.reuters.com@reuters.net; +49 69 7565 1266)) ($1=.6294 Euro)