The board of German wholesaler Metro AG has issued a terse statement rejecting an unsolicited offer from EP Global Commerce, a vehicle led by Czech investor Daniel Kretinsky and Slovak partner Patrik Tkac. The bid, made on Friday, reportedly valued the business at EUR5.8 billion. Metro’s statement says that this seriously undervalues the business, given its growth prospects. Kretinsky already owns 10.9% of German retailer and a takeover attempt had been widely predicted.

Source: Metro AG