PARIS – French car hire group Europcar said on Wednesday it has rejected a takeover bid, without specifying the bidder, saying the 0.44 euro ($0.5254) per share price offered was too low.
Europcar said further talks might take place.
“The board of directors of the company has concluded that the price of 0.44 euros ($0.53) per share proposed does not reflect the company’s full value and value creation potential”, Europcar said in a statement.
Bloomberg news agency reported that Europcar had rejected a $2.6 billion takeover bid from German carmaker Volkswagen . ($1 = 0.8379 euros)