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Metro Says EP Global Commerce's Unsolicited Offer Substantially Undervalues Firm

German food service company Metro AG (MTGGY.PK) announced Sunday that the voluntary public takeover offer made by EP Global Commerce VI GmbH or EPGC for all of Metro shares substantially undervalues the company and does not reflect its value creation plan.

EPGC offered to buy Metro for 16 euros for each ordinary METRO share and 13.80 euros per preference METRO share. The offer price represents a premium of about 3% over the closing price of ordinary shares of Friday, June 21.

Metro said its management is continuing to take decisive actions to transform the wholesale and food specialist. The company expects to effectively position it for the changing market environment for sustainable long term value creation.

Metro said it will comprehensively comment on the unsolicited offer once the full offer document is available. The company urged its shareholders not to take any action prior to the reasoned statement.

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