Volkswagen Offer for MAN SE Purchase Challenged in Court
At least two shareholders have filed separate lawsuits over the price VW offered under the agreement for the deal, Stefanie Ruhwinkel, a spokeswoman for the Munich Regional Court, said in an interview today. She declined to identify the plaintiffs, who filed their cases in August.
After VW won approval for the plan at a shareholder meeting in June, Ferdinand Piech, chairman of both companies, said he expected a lengthy legal battle over the offer price. In a related lawsuit, MAN provided investors with data about the valuation of the company that might be used to force a price increase in the new cases.
Several suits have been filed, Marco Dalan, a VW spokesman, said in an interview. He also declined to comment on who sued or any other details because the cases are pending.
VW, which is required under German law to offer to buy out minority owners, proposed purchasing the truck maker’s remaining stock for 80.89 euros ($107.54) a share. Investors who don’t accept the cash deal will receive an annual dividend of 3.07 euros per share.
Today’s cases are LG Muenchen, 5 HKO 17135/13 and 17521/13.
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