Tognum Confirms $4.4B Joint Bid From Rolls, Daimler

Law360, New York (March 9, 2011, 1:33 PM EST) -- German engine maker Tognum AG said Wednesday it welcomed a joint offer by Daimler AG and Rolls-Royce Group PLC to buy it for $4.4 billion but added the offer price was not final.

Stuttgart, Germany-based Daimler and London-based Rolls-Royce said they planned to forge a 50-50 joint venture, offering to pay $33.41 per share for Tognum stock — a 30 percent premium over the company's share price on March 4, when rumors of the deal surfaced.

The suitors want to form a joint venture into which...
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