The board of Germany-based wholesaler Metro AG has confirmed it has received a new takeover proposal from EP Global Commerce that values the business at around EUR5.8 billion, a similar amount to the rejected approach made last month.

EP Global, led by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac, has this time indicated it is seeking to purchase 67.5% of Metro AG, which it views as sufficient to give it full control. EP claims it has already secured 32.72% of voting rights among shareholders through deals with key investors like Haniel and Ceconomy.

In a statement, Metro advised shareholders to take no action until the new bid had been reviewed and a “reasoned statement” issued by the company.

Source: Metro AG