Europcar Mobility Group has rejected a bid for its takeover, according to a statement by the company. “After studying this proposal carefully, the Board of Directors of the Company has concluded that the price of €0.44 per share proposed does not reflect the Company’s full value and value creation potential,” Europcar said in a statement on June 23.

The bid is said to have come from Volkswagen AG, according to a Bloomberg report. The report would have valued Europcar at about €2.2 billion ($2.6 billion).

VW isn’t planning to come back to the table with a new bid, according to the Bloomberg report. However, further discussions may take place, which the Company does not intend to comment, unless required by law,” the Europcar statement concluded.

Volkswagen was in talks to acquire Europcar in June 2020, though the talk cooled. Volkswagen had a stake in Europcar previously from 1999 until it sold to investment firm Eurazeo SE in 2006. Eurazeo currently owns close to 30% of Europcar,

Europcar, which is majority owned by a consortium of hedge funds, announced a debt restructuring and capital increase in September 2020 that ultimately erased over €1 billion of debt.  The new owners Attestor Ltd., Anchorage Capital Group, and King Street Capital Management LP.

The rejection of the VW bid comes as car rental companies have experienced a reversal of fortune since the pandemic lows one year ago. Europcar now trades at $.50, after reaching an all-time low of $.26 in March of this year. Avis Budget Group’s stock reached $94 earlier this month after hitting a five-year low of $10 in April of 2020.

Hertz’s stock (now trading as HTZGQ) closed at $8.85 on June 29, after cratering to $1.10 during bankruptcy on Oct. 9, 2020.