Business News
Axel Springer files draft offer document for its public tender offer on SeLoger.com SA
Tuesday 28. September 2010 - Axel Springer has filed the draft offer document for its public tender offer on SeLoger.com SA with the French Securities Regulator (Autorité des marchés financiers) today.
On September 9, 2010, Axel Springer had announced the acquisition of a 12.4 percent stake in SeLoger.com at a price of EUR 34 per share from a group of shareholders, including the founders Amal Amar and Denys Chalumeau as well as other members of the supervisory board and the management board, and its intention to launch a public offer for all remaining outstanding shares of SeLoger.com at the same price, valuing the Company at a total of EUR 566 million.
Ralph Büchi, President Axel Springer International at Axel Springer AG: “We are convinced that the offer represents an attractive valuation of SeLoger.com. Our price of EUR 34 per share was accepted by two members of the supervisory board, including its current chairman, and three members of the management board of Seloger.com, including its former chairman. These shareholders and board members have a deep knowledge of the financial and commercial situation of SeLoger.com and its prospects and were therefore in an excellent position to make an educated decision about the attractiveness of our price. We believe that it is important to provide all shareholders of SeLoger.com with the opportunity to sell their shares at the same price and realize an attractive cash consideration.”
SeLoger.com represents a significant expansion of Axel Springers European footprint in the online classifieds business and therefore perfectly fits with its strategy of digitization and internationalization.
Ralph Büchi: “Axel Springer has a strong track record in the online classifieds business and we believe that we can contribute to the development and further success of SeLoger.com.”