Funds controlled by U.S. private equity investor KKR on Wednesday offered 63 eur...
FILE PHOTO: CEO of German publisher Axel Springer SE Mathias Doepfner holds a speech during the annual news conference in Berlin, Germany, March 8, 2018. REUTERS/Hannibal Hanschke/File Photo
The takeover offer, at a 40% premium, will be subject to reaching a minimum acceptance threshold of 20% of Springer’s share capital, the bid vehicle acting on behalf of KKR said in a statement. Springer shares jumped by 12% in pre-market trade at broker Lang & Schwarz to trade at 62.88 euros. Stock had rallied by 20% last week on news of the plan to take the company private before steadying to close at 56 euros on Tuesday.
Like many legacy media companies, Springer faces pressure from digital platforms led by Google that are squeezing in advertising. Its jobs portal - Stepstone - has complained to Brussels about the Google’s recent launch of a jobs product in Germany that grabbed an overnight market lead.
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