Valcon Takeover of VNU to Go Ahead

Private equity consortium Valcon has declared its offer for VNU unconditional, and intends to take the group private as soon as possible. Only 78.7% of VNU's share capital was tendered or committed by the deadline last Friday, missing even the revised target of 80% set just over two weeks ago.

As per its Offer Memorandum and the press release and advertisement of 4 May 2006, on 24 May 2006 Valcon will pay Euros 29.50 in cash for each validly tendered ordinary share. Remaining shareholders have until June 9th to tender shares for the same price.

Valcon said VNU's listing on the Official Market of Euronext Amsterdam 'will be terminated as soon as practically possible', and that it will initiate a 'squeeze-out procedure' in order to acquire all shares held by minority shareholders.

Valcon is a company controlled by a private equity group consisting of affiliated funds of 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.

VNU is online at www.vnu.com .

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