28 Jun 2004
From Rubber & Plastics News
Frankfurt, Germany--Continental AG is prepared to walk away from its plan to buy fellow German rubber products maker Phoenix AG if its bid falls short of gaining 75-percent control.
Chief financial officer Alan Hippe stated Conti's position in interviews with German television stations earlier this week and more recently was quoted saying Conti would not increase its offer of $18 per share.
Conti's offer expires 28 June. To date Conti said it controls more than 56 percent of Phoenix's outstanding shares, and officially the company said it remains confident it will reach that plateau before the offer expires.
Conti launched its bid in March to acquire Hamburg-based Phoenix for about $275 million.
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