Adevinta falls after report buyout group is reevaluating bid

Adevinta ASA

23/10/2023 10:03

** Shares in Adevinta  ADEA.OL  fall more than 10% after
Bloomberg News on Sunday reported a consortium led by Permira
and Blackstone  BX.N  was reevaluating its bid for the Norwegian
online classifieds group
    ** Adevinta could not be immediately reached for a comment
    ** Bloomberg writes, citing unnamed people with knowledge of
the matter, that the consortium is reconsidering its pursuit of
Adevinta, and the buyout firms are planning to take the
transaction back to their investment committees
    ** Nordea analyst Kristoffer Bollestad Pedersen attributes
Monday's share move to report, as there are no other news out
    ** "The sell-off reverses much of the gain for the Adevinta
shares after the bid was announced in September," Bollestad
Pedersen says, deeming this an "overreaction" as it has not been
confirmed Permira and Blackstone are pulling out
    ** As of Friday's close, the Adevinta stock had risen 20.9%
since it confirmed the bid on Sept. 21
    ** "We also believe other potential bidders could emerge if
the current bid is dropped," Bollestad Pedersen adds

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuetrs.com))