Herzogenaurach, Germany-based Schaeffler is offering €70.12 per Continental share, slightly less than the €71.75 at which the target was trading Wednesday afternoon but 28% higher than Continental's shares the day before the offer was first announced.
Schaeffler has confessed to assembling a 36% Continental stake, directly, indirectly and through cash-settlement instruments, and analysts expect the group to continue boosting its holding even if the bid fails. However, the suitor won't be required to again go public with the size of its stake until it hits the 50% threshold because it already once tried to buy the company. - Andrew Bulkeley
