BERLIN (AP) -- Daimler AG says that it and Rolls-Royce are increasing their takeover offer for German engine maker Tognum AG, whose management is endorsing the bid.
Daimler said Monday that the bid is being increased to €26 ($36.69) per Tognum share from the previous €24. Tognum had said the proposed deal would make sense from a business standpoint but the original offer was too low.
Daimler says Tognum's executive and supervisory boards "welcome the increased offer" and board members intend to tender their shares.
The automaker says that "the partners intend to maintain the current manufacturing sites and are confident that the growth strategy will secure jobs."
Daimler said Monday that the bid is being increased to €26 ($36.69) per Tognum share from the previous €24. Tognum had said the proposed deal would make sense from a business standpoint but the original offer was too low.
Daimler says Tognum's executive and supervisory boards "welcome the increased offer" and board members intend to tender their shares.
The automaker says that "the partners intend to maintain the current manufacturing sites and are confident that the growth strategy will secure jobs."
