Esser urges Vodafone to raise takeover bid
Thursday 09 December 1999
"We would have to consider any new bid which is made," he said. "We would reconsider any small, medium or large change and our reaction would be whether the change is important enough to really make a difference." He added that an appropriate price would top 300 euros.
Mr Esser, who said shareholders have "overwhelmingly" supported his rejection of the Vodafone offer, conceded that "it is too early to say what shareholders want." He added that accepting Vodafone's bid would be "almost the most stupid thing we could do".
The German chief executive's road show to visit Mannesmann shareholders is expected to last another fortnight, but could extend into the new year. Under German law, Mannesmann directors may present new information until Vodafone presents its formal offer document.
But that opening allowing Mr Esser to continue the fight back could close sooner than expected, should a Dusseldorf court back a shareholders group that has filed an injunction against Mannesmann's board. The group claims the board's opposition to Vodafone's offer is against their interests. The court could make a decision today or schedule a hearing for next week.
Yesterday Mr Esser reiterated his key themes in opposition to the offer, the world's biggest. These include Mannesmann's expected 30 per cent plus operating cash flow growth through 2003; its better strategic position due to controlling its main business units; and its combination of wireless and fixed-line networks.
Chris Gent, the Vodafone chief executive, said: "The question that Mannesmann consistently fails to address is what it can do better by itself than with Vodafone AirTouch." Vodafone's stock closed down 4.5 per cent at 312p, while Mannesmann ended down 3.4 per cent at 231.75 euros.
- 1 iOS 8 apps and features: eight iPhone settings you need to look at after you install the update
- 2 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 3 'F*ck it, I quit': TV reporter Charlo Greene quits live on air in spectacular fashion
- 4 Scotland could still declare independence – even without referendum, says Alex Salmond
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Khorasan: Muhsin al-Fadhli - the man leading a terror group more feared by US officials than Isis
'F*ck it, I quit': TV reporter Charlo Greene quits live on air in spectacular fashion
Alicia Keys leaks nude photo 'to create a kinder and more peaceful world'
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...
Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...