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Knight Vinke Accepts Valcon VNU Offer
VNU's acquisition by the Valcon consortium looks likely to go ahead after Knight Vinke Asset Management (KVAM), hitherto the loudest opponent of the deal, said it would tender its shares at the new bid price, before the deadline for acceptance passed this afternoon.
14.7% shareholder Templeton said that it would support the offer after Valcon raised it, a fortnight ago, from Euros 28.75 per share (c.Euros 7.5bn) to Euros 29.50 per share (Euros 7.7bn). According to Forbes.com, a spokesman for KVAM said the shares had been tendered 'in order to realise the stronger value that we've created during the course' of KVAM's engagement for its investors'.
The deadline for tendering shares was 1pm GMT this afternoon. Valcon set a revised target of 80% of VNU shareholders backing the deal and seems likely to have passed this now. KVAM had argued vociferously in favour of restructuring VNU as a means of creating more value for shareholders.
Reuters said the gap between the market price of VNU's shares and the takeover bid price narrowed considerably after the offer was raised, signalling investor confidence that the deal would go through.
VNU is online at www.vnu.com .
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