Morgan Stanley fund extends PNE bid, scraps minimum acceptance level
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FRANKFURT (Reuters) - The Morgan Stanley Infrastructure Partners (MSIP) fund has extended to Dec. 12 from Nov. 28 its offer to buy German renewable firm PNE AG , it said on Thursday.MSIP's bid of 4.00 euros per PNE share, valuing the group at 306 million euros, has been rejected by top-10 shareholders ENKRAFT and Active Ownership Corporation.ENKRAFT, which holds more than 2.9% of PNE, has said that a fair offer would be 6.90-7.10 euros per PNE share, valuing the firm at up to 544 million..