GERMANY – Macquarie raises its bid for Techem

Macquarie Infrastructure Fund II has increased its offer of EUR 44 to EUR 55 per share for the German utility billing specialist Techem AG. At the same time the financial investor increased its stake in the company by 8%, buying the additional shares at the revised offer and now holds 27.2% of the shares. Macquarie’s offer is EUR 3 higher than BC Partners’ EUR 52 offer from 22 November. BC Partners had been brought in as a white knight by Techem’s board to counter Macquarie’s hostile takeover bid.