The management of Spütz, a quoted German financial services group, is expected to recomend that its shareholders reject an €8.50 ($7.76) per share bid from NewMedia Spark, the acquisitive internet incubator, for a 51% stake in the firm.

Spütz declined to comment on the offer. However, a source close to the company suggested that although the bid was at a 33% premium to the average market closing price of the last three months, it undervalued the company.