Macquarie Bank has increased its offer for Techem, the German utilities billing company, to €60 per share. The new takeover offer is valid until December 3.
Macquarie Bank’s European Infrastructure Fund II (MEIF II) has agreed with major Techem shareholders to acquire shares that will take its ownership in the German utility billing company to 75.8%. As a legal consequence, the price of Macquarie’s public offer has increased from €58 per share to €60 per Techem share.
The Australian bank said on October 22 that it was renewing its takeover offer, after an initial attempt collapsed in March. Techem’s management has previously said it welcomes the offer.
Horst Enzelmuller, CEO of Techem said: “I am convinced that this offer is the best among a number of alternatives investigated. I believe it is the best way to end a period of uncertainty in the interests of shareholders, employees and customers.”
MEIF II said in its offer statement that it would maintain Techem’s current business activities and continue the two business areas, energy services and energy contracting, and would keep the companies location in Eschborn.