EINDHOVEN, NETHERLANDS – VDL Groep has opted to pull its previously announced public offer for all issued and outstanding shares of Neways Electronic, the company said on its website.

The offer from major shareholders of Neways will lapse as a result of the failure to match the alternative offer.

In May Neways management rejected VDL’s public offer for €13.00 in cash per share, despite the support of at least 68% of its shareholders.

On Jun. 24, Neways and Infestos announced an agreement on an offer for €14.55 in cash per share. The company’s management and supervisory board accepted that price.

VDL said it would consider the new situation, but has since decided not to increase its offer for the EMS company.

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