The board of Germany's most successful producer/distributor Constantin Film has failed to reach a decision on a response to Swiss media group Highlight Communications' planned take-over of the company.
Despite holding a specially convened meeting to discuss Highlight's intention of acquiring the 58.6% of Constantin it does not already own, the German production outfit said it had been unable to reach agreement as to what was the best way forward for the company.
In an adhoc communique released after the meeting the Constantin board said despite "substantive talks" between the two parties, "no agreement could be reached."
The board said it would discuss the take-over bid again at a meeting scheduled for May 10, but warned those discussion could also include "the initiation of potential defensive measures." German sources said that rather than accept Highlight's bid, the Constantin board may look for a "white night" partner to mount their own bid for the company.
Highlight launched its take-over bid earlier this month after it increased its holding in Constantin from 25% to 41.4% by buying former shareholder EM.TV's stake. Under German law any firm that acquire over 30% of a listed company must make an offer for the remaining shares.
Constantin said the continued wrangling over the Swiss media group's take over ambitions had forced it to postpone its annual shareholders' meeting -originally scheduled for May 13 -to an unspecified date no later than August 2003.