Business News

Schibsted ASA (SCH) – Put Option regarding Anuntis Segundamano Holding

Monday 02. March 2009 - Schibsted has been notified by Primerama, the minority shareholder of Anuntis Segundamano Holding, that Primerama wishes to execute its option of selling 12% of the shares of Anuntis Segundamano to Schibsted.

Schibsted accepts the notification, and will follow the relevant procedures within the existing agreements between Schibsted and Primerama.
 
The transaction is to take place at market valuation. In case the two parties do not reach an agreement on the conditions for the transaction through the agreed negotiation procedure, the price will be determined by two independent investment banks according to a specified, pre-agreed valuation process. Should this be the outcome, it is expected that the process will require a minimum of 200 days for completion. However, it could take up to 250 to 270 days.
 
The call and put agreements are structured in such a manner that the 12% of the share capital that now will be transacted are the same shares upon which Schibsted holds a call starting 01.07.2009. Hence, after the completion of the current transaction, Schibsted’s call option on the remaining 11.77% of the shares start at 01.07.2013.