Business News
Axel Springer will increase cash offer for StepStone to NOK 9.00 per share
Monday 12. October 2009 - Axel Springer AG has today agreed with StepStone ASA to increase its offer price from NOK 8.60 per share to NOK 9.00 per share. On September 2, 2009 Axel Springer, one of the leading European media enterprises, announced an unconditional mandatory cash offer for the outstanding shares in StepStone. Shareholders that have tendered their shares to date will be entitled to receive the revised offer price.
“We are pleased to have reached an agreement with StepStone regarding a revised offer. As shareholder of StepStone Germany since 2004 and now as majority shareholder of StepStone ASA Axel Springer knows the company and its business well and highly values the management team and the employees of StepStone as well as the attractive perspectives for future growth. We will be a supportive shareholder going forward in the execution of its stated strategy and value enhancing options for StepStone, and we will be mindful of the protection of minority shareholders rights”, said Dr. Mathias Döpfner, CEO of Axel Springer AG.
As of today, Axel Springer holds 68,025,375 shares in StepStone, representing 52.77 percent of the outstanding StepStone shares. In addition, Axel Springer holds a right to receive 725,757 new shares in StepStone to be issued on December 31, 2009. Furthermore, as of October 2, 2009 Axel Springer had received acceptances under the offer representing an aggregate of 159,897 shares.
The offer period will be extended to October 23, 2009 at 17:30 CET. The Offer, as set out in the offer document dated September 11, 2009, will formally be amended through a separate announcement. Such amendment is subject to the approval of the Take-over Authority of Norway and no breach of the agreement entered into between Axel Springer and StepStone regarding the improved offer, and will be published as soon as possible after approval of the Take-over Authority. The improved offer will only be made on the basis of the offer document, as amended in respect the improved offer price and extended acceptance period.
Shareholders that have tendered their shares to date, and shareholders that will tender their shares prior to approval of the amendment will be entitled to receive the improved offer price.
The offer will be made pursuant to the take-over laws of Norway and will be subject to approval and supervision by the take-over authority of Norway – Oslo Bors.