Activist 7Square pushes Germanys Nuernberger to consider rival offers

By Alexander Hübner and Emma-Victoria Farr

Frankfurt, August 12 (Reuters) – Nuernberger Beetiligungs should take into account the opponental transfer offers, activist investor 7Square, Vienna Insurance Group’s potential proposal reduces the value of the work on Tuesday, the German insurance company wrote a letter to the board of directors.

Nuernberger’s life insurance, property and wounded insurance departments, Reuters in the letter seen by Nuernberger 7 Square 7 Square, has performed low for years. Nevertheless, the group said it could be worth 1.6 billion euros (1.87 billion dollars).

The Bloomberg letter has previously reported on Tuesday.

Nuernberger did not immediately respond to the requests of comments about 7square’s letter. Vienna Insurance Group refrained from commenting.

Nueernberger shares fell by 0.7% in Frankfurt on Tuesday, giving 700 million euros market value.

Last week, Vienna Insural Group announced that it has taken special care for a potential seizure of a shareholder in the German company without setting a possible price.

Nueernberger should end the discussions with VIG and start a new sales process to discover strategic options, and wrote in 7Square letters.

Sales to Vienna company “extremely disadvantaged and value destructive” for the shareholders, he added.

Nuernberger’s investors include Munich Re, Hannover Re, Swiss Re and Japan’s T&D Holdings.

7Square, “We have concrete information about the interest of a few strategic investors who will deal with the purchase of the Life Insurance section or the entire Nuernberger group.”

7Square also invites Nuernberger to remove the transfer restrictions on shares that require the board of directors to approve of important stock transactions.

Since Nuernberger shares were listed in the ‘scale’ segment of Frankfurt, the majority shares do not have to make a compulsory proposal for the remaining shares, which will permanently reduce the value of all shareholders.

7Square recommends itself by investing occasionally in risk protection funds and activist shareholders in German companies listed publicly. ($ 1 = 0.8570 Euro) (Alexander Huebner and Emma-Victoria Farr reports; by Joe Bavier)