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Germany's Metro recommends to reject EPGC's takeover bid

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Germany's Metro recommends to reject EPGC's takeover bid
FILE PHOTO: Shopping carts of Germany's biggest retailer Metro AG are lined up at a Metro cash and carry market in the western German city of Sankt Augustin near Bonn in May 5, 2010. REUTERS/Wolfgang Rattay   -   Copyright  Wolfgang Rattay(Reuters)
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BERLIN (Reuters) – German retail group Metro <B4B.DE> on Wednesday recommended its shareholders not to accept a takeover offer by EP Global Commerce, which is owned by Czech and Slovak investors.

“We consider the price offered by EPGC to be inadequate as it substantially undervalues METRO and, even after reviewing its further conditions, recommend our shareholders not to accept the Offer,” Metro CEO Olaf Koch said in a statement.

Shares in the company were down 1.6% in premarket trade at Lang & Schwarz.

(Reporting by Thomas Seythal; Editing by Tassilo Hummel)

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