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Schibsted ASA (SCH) – Financial investor has decided to sell Polaris Media shares back to Schibsted

Monday 01. October 2012 - Schibsted Media Group sold 36.3 per cent of the shares in Polaris Media ASA, a Norwegian regional media house, on 29 September 2011. The buyers were three strategic media owners and an international financial investor.

The uncertain situation in the financial markets, as well as the voting restrictions in Polaris Media made it difficult to find buyers at a satisfying price through a conventional sale. Therefore, the buyers received a right, but not an obligation, to sell the shares back to Schibsted at a price between NOK 26 and 27, adjusted for dividends.
Schibsted has been informed by the financial investor Franklin Enterprises that they will sell their 3,651,236 shares, equalling 7.5% of Polaris Media, back to Schibsted at a price of NOK 24.55 per share, which is the strike price adjusted for dividends paid during the last 12 months. After the transaction, Schibsted will own 7,122,952 shares in Polaris Media, equalling 14.6 per cent of the company.
The other holders that have the right to sell back shares are Nya Wermlands-Tidningens Aktiebolag, Helsingborgs Dagblad AB and Norrköpings Tidningars Media AB (NTM). Schibsted has not received confirmation from any of them regarding their shareholdings in Polaris Media. The shares can be sold to Schibsted within a period of one month from 29 September 2012.