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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 £266.7m
Position in Universe th / 846

UPDATE 2-De Mol makes 300 million euro offer for newspaper group Telegraaf

Wed 14th June, 2017 12:36pm
* Bidding war over TMG enters 7th month 
    * Mediahuis/VPE offer has board's backing 
    * De Mol owns 25 pct of TMG 
 
 (Adds TMG, KBC, share price) 
    By Wout Vergauwen 
    June 14 (Reuters) - Dutch tycoon John de Mol has made a 300 
million euro ($336 million) bid for Telegraaf Media Group (TMG) 
 TLGNc.AS  through his investment vehicle Talpa, the latest 
twist in a battle for  control of the top-selling newspaper in 
the Netherlands. 
    The popular Telegraaf daily has been the subject of a 
bidding war, now well into its seventh month, between de Mol and 
a consortium led by Belgian publishing group Mediahuis. 
    Talpa said late on Tuesday it would offer 6.50 euros in cash 
per share. 
    Mediahuis and its partner VP Exploitatie (VPE) said only 
that they had taken note of de Mol's offer. Their offer values 
TMG at around 274 million euros. 
    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. Its offer in April 
received the backing of TMG's supervisory board.  urn:newsml:reuters.com:*:nL8N1HR5UX 
    Mediahuis, which already owns Dutch daily NRC Handelsblad as 
well as several Flemish newspapers in Belgium, and TMG want to 
build a Dutch-Belgian multimedia company with a continued focus 
on the core news division.  
    TMG also owns Sky Radio and other entertainment channels 
which would complement assets already held by de Mol's Talpa 
Media Holding such as the Dutch arm of SBS broadcasting.   
    TMG said it is studying the situation and will update the 
market later on. Its shares were down 1.4 percent 6.359 euros at 
1100 GMT. 
    The chances of a successful offer by Talpa are "very slim", 
KBC Securities analyst Ruben Devos wrote in a note to investors, 
citing the strategic shareholding of Mediahuis/VPE and the 
board's backing of their offer.  
    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' plan to reach the 95 percent threshold 
required to initiate buy-out proceedings and take the company 
private. 
 ($1 = 0.8926 euros) 
 
 (Reporting by Wout Vergauwen; editing by Jason Neely and Keith 
Weir) 
 ((wout.vergauwen@thomsonreuters.com; +48 58 772 0244;)) 
 
Keywords: TELEGRAAF MEDIA GROUP M&A/TALPA
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