FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS\/Lucas Jackson\/File Photo<\/span><\/p>\n<\/figcaption><\/div>\n<\/div>\n FRANKFURT (Reuters) – Morgan Stanley Infrastructure Partners\u2019 (MS.N<\/a><\/span>) offer for PNE (PNEGn.DE<\/a><\/span>) which values the German renewable firm at 306 million euros ($337 million) is too low, small shareholders group SdK said on Tuesday. <\/p>\n The 4.00 euro per share bid runs until Nov. 28 and will succeed if more than 50% of shareholders tender their stock. <\/p>\n Morgan Stanley had secured a 21.9% stake as of Nov. 15. <\/p>\n \u201cThe cash compensation seems inadequate in our view,\u201d SdK said in a statement. \u201cAgainst the backdrop of continuing market growth and PNE\u2019s good position, we generally recommend not to accept the offer.\u201d <\/p>\n SdK said shareholders should hold on to their stock and bet on a rising share price or a higher offer, adding in case of a domination agreement or a squeeze out a significantly higher price would have to be paid than the current offer. <\/p>\n Two of PNE\u2019s top-10 shareholders, ENKRAFT and Active Ownership Capital, will not tender their shares, according to previous statements. <\/p>\n They jointly account for about 8% of PNE\u2019s shares. <\/p>\n