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France’s Europcar rejects takeover bid, saying price too low – ET Auto

Europcar said further talks might take place.

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)

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