Morgan Stanley made a £3bn takeover bid for VTG, an entrepreneurially minded, full service railcar leasing and financial services provider. VTG Aktiengesellschaft is one of Europe's leading railcar leasing and rail logistics companies, with a fleet consisting of more than 83k railcars. VTG offers a full-range service, providing tank cars, intermodal cars, standard freight cars and sliding wall cars. In addition to the leasing of railcars, the Group offers comprehensive multi-modal logistics services, mainly around rail transport, and global tank container transports. "We are always open for constructive discussions with the Bidder. As soon as we have received the offer document, we will examine in detail whether it is in the interest of the Company, our employees and shareholders. From today's perspective of the Executive Board, the announced offer price of EUR 53 does not adequately reflect the potential of the company and is therefore not appropriate." Dr. Heiko Fischer, CEO of VTG Aktiengesellschaft.