Continental AG is still fending off the Schaeffler Group's advances, and is urging its shareholders to reject a recent cash offer by the German ball bearing manufacturer.
Continental formally rejected a takeover bid by Schaeffler late last month, but since then Schaeffler has offered to buy Continental shares at roughly 70 euros per share.
Continental officials say the offer "is equivalent only to the legally required minimum price and in the opinion of (the tiremaker's) supervisory board and executive board, does not reflect the long-term value potential of the company."
They add that both Goldman, Sachs & Co. and JP Morgan Chase & Co. agree the Schaeffler's offer is inadequate.
"The economic advantages presented by a merger with the Schaeffler Group are limited."
