Brief: Media group Schibsted offers B-shares to finance M&A in online classifieds

Vend Marketplaces ASA

21/11/2017 15:46

Nov 21 (Reuters) - SCHIBSTED ASA  SBSTA.OL : 
    * REG-SCHIBSTED ASA (SCHA/SCHB) - SCHIBSTED ANNOUNCES 
OFFERING OF 
B-SHARES 
    * SCHIBSTED ASA ("SCHIBSTED" OR " COMPANY") ANNOUNCES AN 
OFFERING 
OF UP TO 11,880,397 B-SHARES, EQUAL TO 5.2% OF EXISTING SHARE 
CAPITAL OF COMPANY ( "OFFERING") OR 10% OF EXISTING OUTSTANDING 
B-SHARES. 
    * NET PROCEEDS FROM OFFERING WILL BE USED TO STRENGTHEN 
COMPANY'S 
CAPITAL BASE AND TO FINANCE STRATEGIC ACQUISITION ACTIVITIES, 
ESPECIALLY WITHIN ONLINE CLASSIFIEDS SEGMENT, WHERE COMPANY SEES 
OPPORTUNITIES TO DO VALUE ACCRETIVE IN-MARKET CONSOLIDATION AND 
BOLT-ON ACQUISITIONS 
    * COMPANY'S OVERALL STRATEGY REMAINS FIRM: TO CONTINUE TO 
BUILD 
ONLINE CLASSIFIEDS TRAFFIC AND BRAND LEADERSHIP POSITIONS AND TO 
DEEPEN FOOTPRINT IN REAL ESTATE, CAR AND JOBS VERTICALS 
    * SCHIBSTED HAS RETAINED ARCTIC SECURITIES, DNB MARKETS AND 
GOLDMAN SACHS INTERNATIONAL AS JOINT BOOKRUNNERS IN CONNECTION 
WITH OFFERING (JOINTLY "MANAGERS"). 
    * BOOK-BUILDING PERIOD WILL COMMENCE IMMEDIATELY AND IS 
EXPECTED 
TO CLOSE ON 21 NOVEMBER 2017 WITH SETTLEMENT EXPECTED TO OCCUR 
ON OR AROUND 24 NOVEMBER 2017. 
    * MINIMUM APPLICATION AND ALLOCATION OF SHARES PER INVESTOR 
IN 
OFFERING WILL BE A NOK AMOUNT EQUIVALENT TO EUR 100,000, 
    * SCHIBSTED HAS AGREED NOT TO UNDERTAKE A FURTHER ISSUE OR 
SALE 
OF B-SHARES OR SECURITIES CONVERTIBLE INTO SUCH SHARES FOR A 
PERIOD OF 90 DAYS FOLLOWING SETTLEMENT OF OFFERING WITH 
MANAGERS 
 
SOURCE TEXT FOR EIKON:  ID:nGNEb9qrD4  
FURTHER COMPANY COVERAGE:  SBSTA.OL  
 
 (Reporting by Gwladys Fouche) 
 ((gwladys.fouche@thomsonreuters.com;))