Top Tognum shareholders reject offer: report

FRANKFURT (Reuters) – Investors representing a fifth of Tognum (TGMG.DE: Quote, Profile, Research) shares have rejected Daimler (DAIGn.DE: Quote, Profile, Research) and Rolls-Royce’s (RR.L: Quote, Profile, Research) bid for the engine maker, raising the pressure for a higher bid, the Financial Times said.

At least eight shareholders including ING Groep (ING.AS: Quote, Profile, Research) and First Eagle have sent letters to Tognum’s management in the past few weeks in which they dismiss the 24 euro per share offer as too low, the FT said, citing people familiar with the matter.

Investors holding at least a further 10 percent of Tognum have voiced strong vocal opposition to the price, the paper added.

Daimler and Rolls-Royce filed their bid on Wednesday at 24 euros per share, keeping its previously announced price unchanged but adding 0.50 euro dividend for 2010 in an effort to sway investors.

A spokesman at Daimler said on Friday the company stood by its offer.

ING, which holds 9 percent of Tognum shares, earlier this week said it would be “extremely disappointed” if the diesel engine maker’s management recommended that investors accept the offer.

(Reporting by Andreas Kroener; Writing by Ludwig Burger; Editing by Hans Peters)

Top Tognum shareholders reject offer: report