Telegraaf Media Groep NV logo

TMG - Telegraaf Media Groep NV News Story

€6 -0.1  -1.0%

Last Trade - 21/02/18

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £268.4m
Position in Universe th / 846

UPDATE 1-Mediahuis consortium launches recommended cash offer for all TMG shares

Wed 19th April, 2017 10:05pm
(Writes through with details, context) 
    April 19 (Reuters) - Belgian publisher Mediahuis and partner 
VP Exploitatie have launched a recommended cash offer for the 
Netherlands' Telegraaf Media Group  TLGNc.AS , the three parties 
said in a statement, as they try to build a Dutch-Belgian 
multimedia company.  
    TMG's supervisory board said on Wednesday it unanimously 
supported the offer of 6 euros ($6.43) per share, and 
recommended shareholders accept and tender all their shares to 
the offer. 
    The board's backing is a blow to Dutch tycoon John de Mol, 
who, through his investment vehicle Talpa, had launched a 
counteroffer, setting off a bidding war over the owner of the 
Netherlands' largest paper in late January.  urn:newsml:reuters.com:*:nL5N1FD24I 
    Mediahuis' offer price represents a 73 percent premium to 
the Dec. 13, 2016, closing price of 3.48 euros, the day before 
the merger talks first surfaced, but falls 5 percent short of 
Tuesday's 6.30 euro closing price.  urn:newsml:reuters.com:*:nA5N1CB00P  
    De Mol, best known as the creator of hit television show Big 
Brother, in March raised his counterbid to 6.50 euros per share, 
or around 300 million euros, but the board has now backed the 
lower bid of around 274 million euros.  urn:newsml:reuters.com:*:nL5N1GJ0N0 
    The Mediahuis-led consortium already holds a 60 percent 
stake in TMG, notably via the Van Puijenbroek family, which has 
held shares in De Telegraaf since the 1950s, and expects to 
complete the offer in July 2017. 
    De Mol's Talpa Holding has built a rival 25 percent stake in 
TMG, which he had earlier pledged not to sell, effectively 
blocking Mediahuis' intent to reach the 95 percent threshold 
required to initiate buy-out proceedings and take the company 
private.  
    The combined group would continue to focus on its core news 
division under the leadership of current Mediahuis chairman Marc 
Vangeel as chief executive, TMG and Mediahuis said.      
    TMG publishes the popular Telegraaf daily and also owns Sky 
Radio and several leading magazine titles in the Netherlands, 
while Mediahuis owns another major Dutch newspaper, NRC 
Handelsblad. 
    De Mol's Talpa owns 33 percent of television broadcaster SNS 
and several leading Dutch radio stations.          
($1 = 0.9336 euros) 
 
 (Reporting by Wout Vergauwen; Editing by Adrian Croft and 
Alison Williams) 
 ((wout.vergauwen@thomsonreuters.com; +48 58 772 0244;)) 
 
Keywords: TELEGRAAF MEDIA GROUP MEDIAHUIS/M&A
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.