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Report: Conti investor to accept Schaeffler bid at $126 per share
Automotive News
July 25, 2008 - 3:00 am ET
FRANKFURT (Thomson Financial) -- An unidentified institutional investor in Continental is prepared to accept the bid by Schaeffler Group if it is raised to more than $126 euros per share, Handelsblatt reported, citing a source at the investor.
"Seen the current uncertainties in the automotives industry, that would be attractive," the source was quoted as saying.
The report said the investor is a leading German institutional investor holding several million shares in Continental.
Family-owned Schaeffler has so far offered $110.41 per share in Continental, below the automotive parts supplier's current share price.
It already controls a 36 percent stake in the company through a direct stake of below 3 percent, share options and swap agreements related to Continental's stock.
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