THE executive and supervisory boards of freight wagon leasing and logistics company VTG have rejected the takeover offer from Warwick Holding, an indirect subsidiary of funds advised by Morgan Stanley Infrastructure, and recommend that VTG shareholders should not accept the offer.

VTG says the offer of €53 per share fails to reflect the fundamental value of the company, it does not offer a sufficient premium over the current share price, and is lower than similar transactions.

In addition, VTG says it currently has “excellent growth prospects” due to an attractive market environment, the strengthening of its business model through the proposed acquisition of CIT Rail Holdings (Nacco), and its digitalisation strategy.

“We recommend to our shareholders not to accept the offer by Morgan Stanley Infrastructure as the consideration offered does not reflect the fundamental value and the future potential of VTG,” says VTG executive chairman, Dr Heiko Fischer. “Nor does the offer contain an appropriate control premium – it is substantially lower than for comparable transactions.”