EP Global Commerce, a holding company, controlled by Daniel Kretinsky, intends to launch a voluntary public takeover offer for the acquisition of all outstanding non-par value ordinary shares, and all outstanding non-par value preference shares in METRO not directly held by it. The cash offer price per METRO ordinary share equals the higher of €8.48 ($10) and €8.87 ($10.5) per METRO preference share. By its voluntary public takeover offer, EP Global Commerce aims to increase its investment in METRO above 30% to give itself more flexibility in the future and without having to make a mandatory takeover offer. "The management board of Metro strongly believes that the offer substantially undervalues the company," Metro.