Candover extends offer period for Stork to Sept 18
AMSTERDAM, Sept 3 (Reuters) - Private equity group Candover has extended the tender period for its $2 billion offer for Dutch industrial group Stork NV VMFN.AS to Sept. 18 as it seeks to overcome resistance from Stork largest shareholder. LME, the investment arm of Iceland's Marel (MARL.IC), last Friday extended its stake in Stork to 43.3 percent and has said it does not intend to tender its shares under the offer.
In a joint press release by Stork and Candover on Monday, Candover said the extension of the offer period, which was originally set to expire on Sept. 4, followed discussions between Stork, Candover and LME over possible solutions.
"The parties believe that it is appropriate to continue these discussions," the statement said.
Marel has said it will not accept Candover's offer as it sees more room for value creation within Stork.
Stork's supervisory and management board are backing the offer.
(Reporting by Alexandra Hudson)
((Editing by Steve Orlofsky; Reuters Messaging: alexandra.hudson.reuters.com@reuters.net; Tel. +31 20 504 5011)) Keywords: STORK/BID
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