Macquarie launches new Techem offer

Macquarie European Infrastructure Fund II (MEIF II) is making another attempt to buy German utility meter reading company Techem with a new takeover offer of €58 per share in cash, or €1.43bn.

The new offer is being made through its wholly owned subsidiary MEIF II Energie Beteiligungen and will be an all cash voluntary public takeover offer and is subject to an acceptance level of 50% of Techems share capital plus one share.

The offer represents a premium of approximately 17.9% to the floor closing price of €49.21 per Techem share on 19 October 2007. Macquarie launched an unsuccessful joint offer for Techem with private equity house BC Partners in November 2006.

Horst Enzelmüller, 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 the period of uncertainty in the interest of shareholders, employees, and customers.”

MEIF II is a €4.6bn wholesale infrastructure fund with investments including Thames Water, National Car Parks, Airwave and Arqiva/National Grid Wireless.