FAG Kugelfischer Georg Schafer AG has issued its formal response to INA's takeover offer, as required by Article 18 of the German Takeover Code.

The "reasoned response" outlines why FAG's Management Board believes shareholders should reject INA's 11 Euro per share offer outright.

The reasoned response is prefaced by an introductory letter from FAG chief Uwe Loos. Mr. Loos' letter concludes, "The FAG management board rejects clearly and openly the offer made by INA. This reasoned comment details the basis for our views. But you as our shareholders must ultimately decide whether to permit me and my colleagues on the Management Board to develop a stronger and more convincing value-creation alternative, in our best shared interests."