Vitesco Technologies acknowledges that Schaeffler today published the offer document for the unsolicited voluntary public tender offer for Vitesco Technologies. The Executive Board and Supervisory Board of Vitesco Technologies will comprehensively assess the offer document taking into account the interests of all stakeholders and publish a reasoned statement on the offer in due course.
The Executive Board and the independent Special Committee of the Supervisory Board will determine whether the price offered by Schaeffler is financially adequate for all shareholders. Vitesco Technologies notes that several shareholders have publicly stated that the offered price of €91 per share is inadequate given Vitesco Technologies’ value and attractive growth prospects as an independent company. It is further the intention of the Vitesco Technologies boards to ensure that the success factors of Vitesco Technologies will be maintained and protected in any potential future corporate structure. Vitesco Technologies is therefore in talks with Schaeffler on the parameters of a potential business combination.