Adevinta jumps after $13.1 bln acquisition offer

Adevinta ASA

22/11/2023 08:35

** Shares in Adevinta  ADEA.OL  rise more than 5% after a
consortium led by Permira and Blackstone  BX.N  on Tuesday said
it had offered to buy the online classifieds group for about NOK
141 bln ($13.1 bln)
    ** The offer price is NOK 115/share, representing a 52.6%
premium to the volume-weighted average price over the three
months up to Sept. 21
    ** The consortium says it has support from existing Adevinta
shareholders including Schibsted  SCHA.OL  and eBay  EBAY.O ,
accounting for 72.3% of the company's shares
    ** But Adevinta board says it is unable to recommend the
offer to shareholders, suggesting it could generate greater
value over time than what's reflected in the offer
    ** Jefferies says Adevinta's management sits on a
"potentially world-class asset in the making", with the type of
regional scale "rarely seen" in the European internet sector
    ** The deal has a minimum acceptance threshold of 90% and
would be completed in Q2 2024, pending regulatory approvals
    ** Adevinta also reports Q3 results, with EBITDA rising 29%
yoy 
    
($1 = 10.7960 Norwegian crowns)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))