Stockholm - An independent committee of the board of Swedish truck-maker Scania on Tuesday rejected a 6.7-billion-euro (9.2-billion-dollar) buyout offer from German carmaker Volkswagen, citing it was too low.
“Our assessment is that the current offer does not reflect the long-term value of the company and a fair share of the synergies,” said Asa Thunman, chairwoman of the independent committee.
The five-member committee - with no ties to VW which Scania's other seven board members have - was formed after VW presented its bid last month.
The Scania share price dipped 3 per cent to 189.70 kronor (29.7 dollars) in early trading.
VW said its offer of 200 kronor per share was a premium of more than 50 per cent on the average share price in recent months.
The acceptance period for the offer ends April 25.
The buyout aimed at creating synergies and savings with German truck-maker MAN, which VW owns.
VW said it aimed at securing control of more than 90 per cent of Scania's total shares, through a so-called squeeze out and a delisting from the stock exchange.
VW currently has 89.2 of the voting rights and 62.6 per cent of Scania's capital. - Sapa-dpa