Time is running out for Daniel Kretinsky's takeover bid on German retail holding Metro. The offer ends on 7 August, but is a deal still possible given the many people opposing it?
No higher bid
The Czech billionaire's talks with major shareholders this week have turned out to be in vain. On Monday, the entrepreneur held talks with Meridian Stiftung and Beisheim Holding, who own nearly 21 % of Metro shares between them, but in the end they too agreed with the retailer's management in saying the takeover bid was too low.
Nevertheless, Kretinsky and his investment vehicle EP Global Commerce do not intend to make a higher offer. Rumours regarding a raised bid, which arose before the weekend, were immediately suppressed by the businessman. Speculation about a possible increase in the bid price to 17 euros is incorrect, an EPGC spokesperson told Reuters.
Fight between shareholders
Kretinsky and his Slovak partner Patrik Tkac, however, continue to focus on "constructive discussions" with other major Metro shareholders. The duo also remains committed to the ambition of acquiring 67.5 % of the group's ordinary shares.Today, EP Global Commerce already has 34.61 % of those shares.
If an agreement is not reached on Wednesday, Kretinsky will prepare for another attempt to win over as many remaining shareholders as possible. There may be a stalemate between the major shareholders of Metro, according to Frankfurter Allgemeine Zeitung.