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HAMBURG: July 16, 2018. VTG Aktiengesellschaft, a European rail leasing and logistics company, has rejected an unsolicited bid from UK-based Warwick Holdings saying the valuation at €53 a share is inadequate.

VTG tank wagonsWarwick Holding, an indirect subsidiary of funds advised by Morgan Stanley Infrastructure, holds 29 percent of VTG. Kühne Holding, which holds and additional 20 percent, has indicated it would sell its stake if the bid was accepted.

Last year VTG generated revenue of €1.01 billion and an operating profit of €343 million from multimodal logistics services including leasing rail tank cars, intermodal wagons, standard freight wagons and sliding wall wagons.

According to VTG CEO Heiko Fischer, the company is open to “constructive discussions” with Warwick as soon as the offer document is determined to be “in the interest of the company, our employees and shareholders”.

“From today's perspective of the Executive Board, the announced offer price of €53 does not adequately reflect the potential of the company and is therefore not appropriate," he explained.

Fischer said the offer doesn’t reflect the fundamental value of the company’s future potential following the proposed acquisition of CIT Rail Holdings (Europe) SAS and the digitization strategy initiated by VTG.

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