German wine seller Hawesko is looking for an alternative buyer for its proposed buyout after rejecting takeover offer by Detlev Meyer.
Hawesko's management board said that a 40-euro-per-share takeover bid by by Tocos Beteiligung and its sole shareholder Meyer was too low and recommended that investors do not accept the offer.
Meyer, who owns 29.5% stake in Hawesko, has offered $443m for the acquisition of the wine seller, Reuters reported.
Hawesko chief financial officer Ulrich Zimmermann said: "The offer of 40 euros per share does not even come close to reflecting the true value and great potential of Hawesko. It is an obvious attempt to take control of the company at the lowest financial outlay possible. Therefore we recommend that all shareholders hold onto their shares.
"We have quadrupled our share price in the last ten years and we are working at full speed to continue on our growth path."
The management board criticized Meyer's strategic goal of reducing the company's payout ratio by up to 60%.
Hawesko generated around €465m in sales for the fiscal year 2013 and employed 925 people in its three sales channels during the same period.
