November 11, 2019 / 11:01 AM / 9 months ago

PNE's No.3 investor AOC does not intend to accept MS bid - PNE

FRANKFURT, Nov 11 (Reuters) - Active Ownership Capital (AOC), the third-largest shareholder of German renewable firm PNE AG, does not intend to accept a standing 4.00 euro per share bid from a Morgan Stanley controlled fund, PNE said on Monday.

AOC "does not intend to accept the offer", PNE said in its reasoned opinion on the offer, in which it comes out in favour of the bid and recommends shareholders accept it.

AOC, which according to Refinitiv data holds a 5.07% stake in PNE, was not immediately available for comment.

Reporting by Christoph Steitz; editing by Thomas Seythal

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