GERMANY -Techem takeover bid fails

Australian financial investor Macquarie Bank and BC Partners have failed to win shareholder support for their bid to buy German utility billing specialist Techem. On 11 January the two financial bidders combined their offers for EUR 55 per Techem share, having previously launched rival bids. Although Techem’s board of directors and supervisory board had recommended shareholders to accept the offer of EUR 55 with Macquarie also giving assurances regarding strategy, locations and jobs, only 43% of shareholders accepted the bid.