MAN Gives Scania Shareholders Until Dec. 11 to Accept Buyout Offer

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AN AG has set a deadline for Scania shareholders to accept the German truck maker’s hostile takeover bid for its Swedish rival, giving investors until Dec. 11 to tender their shares, Bloomberg reported Thursday.

Scania shareholders will be able to tender their shares starting Nov. 20, Bloomberg said.

MAN also expect the European Commission to make a ruling on its proposed takeover Dec. 6, Bloomberg reported.

In October, MAN increased its bid for Scania from $12 billion to about $13 billion and purchased 14.54% of the Swedish truck maker’s voting rights. (Click here for previous coverage.)

MAN paid 475 kronor, or about $67.26 a share for its stake in Scania, Bloomberg said.

Scania and Investor AB, the company’s second-largest stakeholder, continue to reject MAN’s offer, saying it undervalues the Swedish company.