FRANKFURT, Germany (AP) -- German engine maker Tognum AG is telling shareholders to turn down a takeover offer of €24 ($34.68) a share from Daimler and Rolls-Royce because it's not enough money.
Management of the Friedrichshafen-based maker of ship engines and power generators says the €3.2 billion ($4.5 billion) deal would make sense from a business stand point.
But they said Friday the price is "not appropriate."
Auto company Daimler AG and jet engine maker Rolls-Royce say the offer is a good one and represents a 30 percent premium over what the shares traded at before the offer become known.