Following an agreement reached between the two groups, Axel Springer is to file a friendly revised offer for the shares of SeLoger.com at a price of €38.05 per share. This price represents a premium of nearly 12% compared to the price of the initial offer filed by Axel Springer on 28 September 2010.
The Revised Offer will include a minimum acceptance threshold, set at 50.01% (including Axel Springer’s current 12.4 % stake) of the share capital and voting rights of SeLoger.com, below which the Offer will be unsuccessful.
Ralph Buechi, President Axel Springer International at Axel Springer AG said: “The agreement paves the way for a transaction based on mutual consent between Axel Springer and the Board and management of SeLoger.com. Our intention has been friendly from the beginning, and we strongly believe that it is in the best interest of all parties involved that we move ahead on agreed terms. This is especially true for the management and employees of SeLoger.com, who will now be able to fully focus on the business and continue with their excellent work. Following a careful assessment, the recent share price developments of the peer group as well as SeLoger.com’s recent upward revisions of their financial targets led us to reconsider our offer price, which is now even more attractive for the shareholders of SeLoger.com.”
Germany, Berlin & France, Paris
Related articles:
- Ringier Axel Springer Media AG acquires majority in leading Slovakian internet portal AZET.SK Posted on December 20, 2010
- Axel Springer’s public tender offer for all outstanding shares of SeLoger.com has been cleared November 30, 2010
- Axel Springer has been on a digital buying spree Posted on November 20, 2010
- Axel Springer gets rid of its wallstreet:online sites Posted on May 18, 2010
- Axel Springer Russia has acquired Gruner+Jahr Russia Posted on November 25, 2010
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