(Adds PNE comment)
FRANKFURT, Nov 18 (Reuters) - PNE shareholder ENKRAFT has called for a special audit into an approved takeover bid for the German wind project firm, an investor letter seen by Reuters showed.
ENKRAFT, which holds more than 2.9% of PNE, says the 306 million euro ($339 million) offer undervalues the company and that its management did not conduct a proper sale process.
PNE declined to comment, but a spokesman for the company referred to a joint statement by its management and supervisory boards which recently endorsed the 4 euros per share offer by Morgan Stanley Infrastructure Partners (MSIP).
ENKRAFT has said a fair offer would be 6.90-7.10 euros per share, valuing PNE at 544 million euros, and has criticised its management for agreeing to delist the company should more than half its shareholders accept the offer.
"Due to the inaction of the management and supervisory boards to comment on the issues that were raised, a first step will be a special audit, to be resolved by the annual general meeting, aimed at the events surrounding the takeover bid," ENKRAFT said in a letter to PNE seen by Reuters.
Shares in PNE, whose next AGM is scheduled for May 20, 2020, were down 0.1% to 3.995 euros at 1610 GMT. ($1 = 0.9039 euros) (Reporting by Christoph Steitz; editing by Jason Neely and Alexander Smith)