VNU Offer Increased, Deadline Extended

The Valcon consortium has raised its bid for VNU to an offer price of Euros 29.50 per Ordinary Share, and Euros 21.00 per Preferred Share. Valcon has also extended the shareholder deadline from tomorrow (5th May) to 19th May, and lowered the acceptance level threshold for the Ordinary Shares to 80% from the previous 95%.

The original Offer announced in March (www.mrweb.com/drno/news5266.htm ) hit immediate opposition from shareholder groups including outspoken investor Knight Vinke Asset Management (KVAM).

The new prices represent an increase of Euros 0.75 per Ordinary Share and Euros 8.00 per Preferred Share. The new aggregate value of the transaction is approximately Euros 8.7 billion, including net indebtedness.

The Acceptance Period, which was originally scheduled to end tomorrow, 5 May, at 15:00 hours, Amsterdam time (9:00 hours, New York time), is extended to 19 May at the same time. Valcon is entitled to further extend the acceptance period if one or more of the Offer Conditions are not fulfilled, but shareholders now have the right to withdraw the Shares they have tendered thus far, provided this was done prior to the original deadline.

Other terms, conditions and restrictions of the Offer, where not covered by the new announcement (available in full via www.vnu.com ) remain the same as those set out in the Offer Memorandum.

The private equity group consists of funds from six companies, AlpInvest Partners N.V., The Blackstone Group L.P., The Carlyle Group, Hellman & Friedman LLC, Kohlberg Kravis Roberts & Co. L.P. and Thomas H. Lee Partners, L.P.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.