Handelsblatt reported that Continental has contacted hedge funds Apollo and KKR and Bridgestone in search for a friendly partner to defend against Schaeffler’s hostile bid. None of the parties commented on the reports.
Other reports say that Continental may be talking to two other potential white knight candidates.
Meanwhile, Schaeffler reportedly amended its takeover offer to eliminate a provision that would halt the bid if Continental sought to raise its share capital before the offer expires on Aug. 27.
"The Schaeffler group thus counters market speculation that its offer to Continental shareholders could be prevented by such preparatory measures," the company said in a statement. Schaeffler did say it was retaining a provision preventing Continental from executing a capital increase during the bid period.
"The Schaeffler group, which now is Continental’s biggest shareholder with more than 8% of the shares, considers the adoption of capital measures unjustifiable because they would harm the interests of Continental shareholders," the company said. (Tire Review/Akron)