Take-Over Offer of PNE by Morgan Stanley Infrastructure Partners Adequate

The Board of Management and Supervisory Board of PNE AG have independently from another assessed the total sum of compensatory measures, based on the offered price per ONE share, and continue to consider the offer as adequate.

Official Press Release PNE:

Board of Management and Supervisory Board of PNE AG continue to recommend accepting the take-over offer by Morgan Stanley Infrastructure Partners

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Supplementary reasoned opinion according to § 27 WpÜG published / Support for delisting only as of reaching more than 50%

Today, the Board of Management and Supervisory Board of PNE AG have published their supplementary reasoned opinion according to § 27 WpÜG on the voluntary public take-over offer by Photon Management GmbH to the shareholders of PNE AG. Photon Management GmbH (“Bidder”), a whole-owned indirect subsidiary of funds, managed and consulted by Morgan Stanley Infrastructure Inc. and part pf Morgan Stanley’s global private infrastructure platform Morgan Stanley Infrastructure Partners (“MSIP”), has published its offer of 4.00 Euro per PNE share in cash on 31 October 2019, amending the offer by waiving the minimum acceptance... ... More: Official Press Release PNE