FRANKFURT, Germany (June 25)—Continental A.G. is prepared to walk away from its plan to buy fellow German rubber products maker Phoenix A.G. if its bid falls short of gaining 75-percent control.
Chief Financial Officer Alan Hippe stated Conti's position in interviews with German television stations earlier this week and more recently was quoted saying Conti would not increase its offer of $18 per share.
Conti's offer expires June 28. To date Conti said it controls more than 56 percent of Phoenix's outstanding shares, and officially the company said it remains confident it will reach that plateau before the offer expires.
Conti launched its bid in March to acquire Hamburg-based Phoenix for about $275 million.