Summary
FRANKFURT (Reuters) - A hedge fund with Hochtief stock has backed large shareholder ACS's lowball unsolicited all-share offer, warning the German target not to use poison pills in its defense,.
"We welcome ACS's approach because Hochtief has more value than its market capitalization shows," said Patrick Bierbaum, portfolio manager at Centaurus Capital, adding that "Hochtief's management has failed in closing this value gap."See the full content of this document
Extract
Major Stakeholder Backs Acs's Hochtief Bid: Paper
Reported by the FT as one of Hochtief's "biggest shareholders" with a "sizeable stake," Centau...
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