Business News

Schibsted ASA (SCH) – Acquisition of shares in Media Norge ASA

Thursday 06. January 2011 - Schibsted Media Group has agreed to acquire 1,544,547 shares in Media Norge ASA from Else M. Stockfleth, Jan B. Stockfleth, Reidar E. Stockfleth, and Johannes Benestad AS at NOK 72.50 per share.

Payment will be partly in cash and partly in Schibsted shares from the company’s treasury. The exchange rate is based on the average trading price for the Schibsted share on 22 December 2010, which was NOK 171.35. This implies that Schibsted reduces its number of own shares by 163,378.
Additionally, Schibsted has offered to acquire 340,000 shares in Media Norge ASA from Avisen Agder AS at NOK 72.50 per share. The shares will be paid fully in cash. The transaction is conditional on approval by the board of directors of Avisen Agder AS.
Through these transactions, Schibsted increases its holding in Media Norge ASA from 82.3 per cent to 84.2 per cent.
The transaction is expected to close within the coming days. After the transaction, Schibsted will hold 4,067,062 own shares, of which 3,850,940 are held by Schibsted ASA and 39,500 are held by the subsidiary Bergens Tidende. AS.