Mediahuis/VP Exploitatie bid for Telegraaf Media Groep

Overview:

• Mediahuis, VP Exploitatie and the Telegraaf Media Groep (TMG) announced they have reached a conditional agreement regarding a public offer by Mediahuis and VP Exploitatie (the consortium) for all issued and outstanding shares in the capital, and depositary receipts, of TMG for €6.00 per share in cash, valuing the company at €278 million.
• Prior to the agreement, the consortium owned 60% of the shares in TMG.
• The price represents a 72% premium on the shares' closing price on 13 December when the intention to launch an offer was first announced.
• A rival bid by Talpa of €6.50 per share was rejected by the supervisory board of TMG, acting in its capacity as both supervisory board and executive board following the suspension of the executive board by the supervisory board on the day of the agreement.
• Citigate First Financial, ABN Amro and Rabobank acted as financial advisers to TMG, while VP Exploitatie was advised by Alantra Corporate Finance and Mediahuis by ING.
• The supervisory board was advised on financial matters by Rothschild and secured a fairness opinion from Rabobank and ABN Amro regarding the offer.
• Hill+Knowlton Strategies served as communications adviser to the consortium.
• Talpa received financial advice from Bank of America Merrill Lynch.

Jon Moore - Journalist