LONDON-Vodafone AirTouch plc is prepared to increase its bid for Mannesmann AG if the German company agrees to discuss a deal, according to international reports.
Chris Gent, the U.K. group’s chief executive, was quoted as saying Vodafone AirTouch also is willing to make concessions on strategic and management issues, in reports in the Financial Times and Wall Street Journal.
However, a statement released by Vodafone AirTouch said the offer for Mannesmann is final and the closing date remains Feb. 7.
“We remain hopeful that Mannesmann will enter into a serious negotiation but, so far, their position has been completely unrealistic and unjustified,” Gent said in the statement. “Our offer is already a very generous one and we urge all Mannesmann shareholders to tender their shares now.”
In the press reports, Gent said any increase in the bid would be minimal and would not increase Mannesmann’s share to more than 48.9 percent of the merged company. The current offer gives Mannesmann’s shareholders 47.2 percent.
Such an increase could add about $5.05 billion to the current $156.5 billion offer.
Mannesmann’s Chief Executive Klaus Esser has said the company would be ready to talk to Vodafone about a merger if Mannesmann shareholders were to own 58.5 percent of the merged group.
Vodafone’s stock price has increased nearly 30 percent during the last two weeks.
