KKR & Co Ltd.
Acceptance period for KKR’s voluntary public tender offer for Axel Springer SE commences
Acceptance period for KKR’s voluntary public tender offer
5 July 2019 – Traviata II S.à r.l., a holding company owned by funds advised by KKR, today published the offer document for its voluntary public tender offer for the shares (ISIN: DE0005501357, DE0005754238) of Axel Springer SE (“Axel Springer”) following the permission by the German Federal Financial Supervisory Authority (“BaFin”) to publish the offer document. Beginning today Axel Springer shareholders can accept the offer and tender their shares at a price of EUR 63 per share, which represents a premium of 40 percent to the closing price of EUR 45.10 per share on 29 May 2019, i.e. the last close prior to the ad hoc announcement from Axel Springer confirming negotiations with KKR about a potential strategic investment. The relevant details as to how the offer can be accepted are set out in the offer document. To tender their shares, shareholders should contact their respective custodian bank. The acceptance period will end at midnight (CET) on 2 August 2019 (shareholders should inquire with their custodian banks for any relevant deadlines set by custodian banks which may require actions prior to this date). Consummation of the tender offer is subject to various customary conditions, including the receipt of regulatory approvals such as merger control, foreign investment control and media concentration, and a minimum offer acceptance of 20 percent of Axel Springer’s share capital. As announced on 12 June 2019, KKR’s offer is intended to enable a strategic investment in Axel Springer to support the company’s strategy in a partnership with Friede Springer and Mathias Döpfner. Both have committed to form a consortium with KKR to jointly develop Axel Springer further and strengthen its position in a rapidly changing and challenging market environment. The formation of the consortium is subject to the successful closing of the voluntary public tender offer. KKR and the existing shareholders’ companies of Friede Springer and Mathias Döpfner have also entered into an investor agreement with Axel Springer. This agreement sets out, subject to their review of the offer document, that the Executive Board and Supervisory Board of Axel Springer support the offer and intend to recommend Axel Springer shareholders to accept it. If the offer is successful KKR intends to propose to the other consortium members and to the Executive Board of Axel Springer to initiate a delisting of Axel Springer. In addition, KKR does not intend further post-transaction restructuring measures (e.g. conclusion of a domination and profit transfer agreement, squeeze-out or fundamental changes of the capital structure). The offer document and a non-binding English translation are now available at ###
KKR media contact Germany
Axel Springer SE media contact
About KKR KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Axel Springer Axel Springer is a media and technology company and active in more than 40 countries. By providing information across its diverse media brands (among others BILD, WELT, BUSINESS INSIDER, POLITICO Europe) and classifieds portals (StepStone Group and AVIV Group) Axel Springer SE empowers people to make free decisions for their lives. Today, the transformation from a traditional print media company to Europe’s leading digital publisher has been successfully accomplished. The next goal has been identified: Axel Springer wants to become global market leader in digital content and digital classifieds through accelerated growth. The company is headquartered in Berlin and employs more than 16,300 people worldwide. In the fiscal year 2018, Axel Springer generated 71 percent of revenues with its digital activities which also contributed 84 percent to earnings (adj. EBITDA). Disclaimer and forward looking statements This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares in Axel Springer SE. The terms and conditions of the public tender offer, as well as further provisions concerning the public tender offer are published in the offer document, the publication of which has been approved by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) to. Investors and holders of shares in Axel Springer SE are strongly advised to read the offer document and all other documents regarding the public tender offer when they become available, as they will contain important information. End of Media Release Issuer: KKR & Co. Inc. Key word(s): Internet and Multimedia
05.07.2019 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |