Highlight Communications and Bernd Eichinger's joint tender offer of Euros4.50 per share for the remaining shares in Constantin Film has been rejected by the German producer-distributor's management board and the majority of its supervisory board as "not appropriate and too low".

The joint tender offer by Highlight and Eichinger was submitted to the remaining shareholders at the beginning of June after the conclusion of a so-called pool agreement between the Swiss media concern and the German producer.

The agreement included a strategy paper for further expansion of Constantin Film's activities on an national and international level; and to Highlight committing to not let its stake in Constantin exceed 50.1%.