BERLIN (AP) -- Germany's Schaeffler KG on Monday adjusted its takeover offer for larger auto parts maker Continental AG slightly upward, citing a new calculation of the bigger company's recent average share price.
Family-owned Schaeffler said that it is now offering 70.12 euros ($111.16) per Continental share. It did not specify the overall value of the offer.
Last week, Schaeffler said it was making an offer of 69.37 euros ($109.97) per share -- a bid worth some 11.2 billion euros ($17.8 billion) in total.
The company said that, if the average share price turned out to be higher, that would be adjusted to match the weighted average share price of its target over the past three months as determined by Germany's financial regulator.
Schaeffler said it received the regulator's calculation of the average share price on Monday, and adjusted the offer accordingly. Spokesman Detlef Sieverdingbeck stressed that the adjustment did not constitute a new offer.
Continental's management has rejected the Schaeffler offer, arguing that it does not reflect the company's full value. It also maintains that Continental, whose products include tires, brakes and electronics, would not benefit from a tie-up.
The shares gained last week after news of Schaeffler's interest emerged.
