July 24, 2019 / 5:55 AM / a month ago

Germany's Metro recommends to reject EPGC's takeover bid

BERLIN, July 24 (Reuters) - German retail group Metro on Wednesday recommended its shareholders not to accept a takeover offer by EP Global Commerce, which is owned by Czech and Slovak investors.

“We consider the price offered by EPGC to be inadequate as it substantially undervalues METRO and, even after reviewing its further conditions, recommend our shareholders not to accept the Offer,” Metro CEO Olaf Koch said in a statement.

Shares in the company were down 1.6% in premarket trade at Lang & Schwarz.

Reporting by Thomas Seythal Editing by Tassilo Hummel

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