Hamburger Hafen und Logistik AG’s (HHLA) Executive Board and Supervisory Board have recommended that the terminal operator’s shareholders accept the takeover offer put forward by MSC.
MSC made a cash offer for 49.9% in HHLA and the boards consider the offer price of €16.75 (US$17.99) per Class A share to be adequate, with the company valued at around €840m (US$900m).
Both boards analysed the financial adequacy of the offer, as well as stock market price, analysts’ estimates and their own assessments, and incorporated a “fairness opinion” prepared by Citigroup.
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