PR Newswire/Les Echos/
- Communiqué -
Axel Springer and SeLoger.com agree on a friendly Revised Offer at EUR38.05
Supervisory Board of SeLoger.com recommends to the shareholders of SeLoger.com
to tender their shares to the Revised Offer
Cancellation of the extraordinary general meeting of SeLoger.com convened on
the 20 January 2011
Berlin/Paris, 18 January 2011. Following an agreement reached between the two
groups, Axel Springer announced that it will file a friendly revised offer for
the shares of SeLoger.com at a price of EUR38.05 per share (the "Revised
Offer"). This price represents a premium of nearly 12% compared to the price
of the initial offer filed by Axel Springer on 28 September 2010 (the "Initial
Offer").
The Revised Offer will include a minimum acceptance threshold, set at 50.01%
(including Axel Springer's current 12.4 % stake) of the share capital and
voting rights of SeLoger.com, below which the Offer will be unsuccessful.
The Revised Offer is part of an agreement reached by Axel Springer and
SeLoger.com on 17 January 2011, which also includes the following
undertakings:
- the commitment of the Supervisory Board of SeLoger.com to recommend the
Offer;
- the cancellation by the Supervisory Board of the extraordinary general
meeting of SeLoger.com (the "EGM") convened to vote on the proposed
limitation of voting rights;
- the withdrawal by SeLoger.com of its appeal before the Court of Appeal of
Paris against the clearance decision of the Autorité des marches financiers
(the "AMF") dated 29 November 2010, in relation to the Initial Offer and any
legal action against the Initial Offer;
- the Supervisory Board of SeLoger.com will be composed of a majority of
members designated by Axel Springer, provided the Revised Offer is
successful, and at least three independent members designated by the current
Supervisory Board of SeLoger.com;
- the implementation of a five-year incentive scheme ("plan d'intéressement")
to the benefit of the management team of SeLoger.com, provided the Revised
Offer is successful.
The Supervisory Board of SeLoger.com, which met on 17 January 2011, considered
that the Offer price is now within the range of the independent expert's
report. The Board also acknowledged the provision of a minimum acceptance
threshold set at 50.01% (including Axel Springer's current 12.4 % stake) of
the share capital and voting rights of SeLoger.com. Given the improvement of
the terms and conditions of the Revised Offer, the Supervisory Board has
unanimously declared the Revised Offer in conformity with the interests of the
group, its shareholders, its customers and its employees, and should therefore
be regarded as friendly. The Supervisory Board recommends that the
shareholders tender their SeLoger.com shares to the Revised Offer.
In addition, the Supervisory Board of SeLoger.com has decided, in accordance
with the provisions of the agreement to:
- cancel the EGM convened on 20 January 2011;
- withdraw its appeal before the Court of Appeal of Paris against the
clearance decision of the AMF on to the Initial Offer.
Axel Springer will shortly file, with the AMF, an additional offer document in
accordance to the provisions of Article 232-9 of the AMF General Regulations.
Ralph Büchi, President Axel Springer International at Axel Springer AG: "The
agreement paves the way for a transaction based on mutual consent between Axel
Springer and the Board and management of SeLoger.com. Our intention has been
friendly from the beginning, and we strongly believe that it is in the best
interest of all parties involved that we move ahead on agreed terms. This is
especially true for the management and employees of SeLoger.com, who will now
be able to fully focus on the business and continue with their excellent work.
Following a careful assessment, the recent share price developments of the
peer group as well as SeLoger.com's recent upward revisions of their financial
targets led us to reconsider our offer price, which is now even more
attractive for the shareholders of SeLoger.com."
M.. Geoffroy Roux de Bezieux, Vice-Chairman of the Supervisory Board, said:
"The Supervisory Board of SeLoger.com welcomes this agreement which provides
for a significant improvement of the valuation of group, the corporate
governance and incentivization of the management compared to the Initial Offer
of Axel Springer. It enables SeLoger.com to benefit from the support of a
significant shareholder for its long term development strategy."
A propos de Seloger.com
SeLoger.com est le leader spécialiste de l'immobilier en ligne en France
depuis 18 ans. Disponible sur n'importe quel écran (ordinateur, téléphone
mobile et TV connectée), il permet chaque jour à des millions de français
d'accéder où qu'ils soient et quand ils le souhaitent à plus de 1,1 million
d'annonces immobilières mises en ligne par les professionnels de l'immobilier.
Achat ou location, ancien ou neuf, en France ou à l'étranger, immobilier
d'entreprise, demeures de charme, locations de vacances, tout un chacun peut
retrouver à travers l'un des 7 sites du groupe le bien qu'il recherche :
- www.seloger.com
- www.selogerneuf.com
- www.immostreet.com
- www.bellesdemeures.com
- vacances.seloger.com
- construire.seloger.com
- www.agorabiz.com.
A travers ses différents sites, le groupe SeLoger.com assure aux
professionnels de l'immobilier la visibilité la plus large de leurs annonces
avec une audience de plus de 3 millions de visiteurs uniques et près de 18
minutes de temps passé.
Il est également le fournisseur numéro un de sites Internet pour les agences
immobilières et solutions logicielles de transaction immobilière pour les
professionnels avec Périclès. (Source : Mediamétrie // Nielsen Netratings).
SeLoger.com est cotée sur Euronext Paris (compartiment B) depuis le
30 novembre 2006 et fait partie des indices SBF 250, CAC MID 100, CAT IT et
Euronext 100. Code ISIN : FR0010294595
Contacts SeLoger.com Brunswick
Relations investisseurs : Marie-Laurence Bouchon
Laurence Bégonin Maury Alexandra van Weddingen
Tel : 01 53 38 29 00 Tel : 01 53 96 83 83
[email protected]
www.groupe-seloger.com
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