Railcar Firm VTG Rejects Morgan Stanley Unit's $1.8 Billion Bid

VTG AG’s management rebuffed a 1.53 billion euro ($1.79 billion) takeover offer from Morgan Stanley’s infrastructure arm and said the approach undervalued the German wagon-hire and rail-logistics company. “The offer does not reflect the fundamental value of VTG Aktiengesellschaft considering its future potential,” the Hamburg-based company said in an emailed statement Monday. The infrastructure firm, which already owns 29 percent of VTG, is offering 53 euros a share in cash for the rest, Morgan Stanley said in a statement Monday, confirming a Bloomberg News report from earlier in the day.