HE REJECTED THE OFFER IN NOVEMBER. THE BOARD REVERSED IN FEBRUARY WITHOUT NEW TERMS. HIS SIGNED REJECTION IS STILL IN THE DRAWER.

In November 1999, all twelve members of Rheinwerk's supervisory board signed a rejection letter for Albion Telecom's £82 billion offer, citing undervaluation and speculative projections. Just three months later, the same offer was accepted without changes, leading to significant questions about the board's decision-making process.