Axel Springer SE

  • WKN: 550135
  • ISIN: DE0005501357
  • Land: Deutschland

Nachricht vom 12.06.2019 | 07:19

Axel Springer SE: KKR announces the launch of a public takeover offer on the basis of an Investor Agreement with Axel Springer SE

Axel Springer SE / Key word(s): Offer/Change in Forecast
Axel Springer SE: KKR announces the launch of a public takeover offer on the basis of an Investor Agreement with Axel Springer SE

12-Jun-2019 / 07:19 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Disclosure of an inside information according to Article 17 MAR

Axel Springer SE: KKR announces the launch of a public takeover offer on the basis of an Investor Agreement with Axel Springer SE

Berlin, 12 June 2019

Today, Axel Springer SE entered into an Investor Agreement with a holding company controlled by funds advised by Kohlberg Kravis Roberts & Co LP (KKR) as well as with holding companies controlled by Dr. h.c. Friede Springer and by the chief executive offer Dr. Mathias Döpfner dealing with the terms and conditions of a strategic investment of KKR in Axel Springer SE. In accordance with this agreement, KKR's holding company announces today that it intends to launch a public takeover offer to all shareholders of Axel Springer SE at an offer price of EUR 63.00 per share in cash. The Executive Board and the Supervisory Board of Axel Springer SE, which have approved the execution of the Investor Agreement, welcome the announced public takeover offer and will support the public takeover offer, subject to the review of the offer document still to be published by the bidder.

The offer announced today represents a premium of approximately 31.5 % on the volume weighted average share price of Axel Springer shares as calculated by Bloomberg over the period of the last three months preceding the announcement of the negotiations for a potential strategic investment of KKR. In addition to other customary conditions, the public takeover offer shall be subject to a minimum acceptance rate of 20 % and obtaining of merger control clearance and other regulatory approvals.

Axel Springer SE was further informed that today the bidder, Dr. h.c. Friede Springer and Dr. Mathias Döpfner entered into a Shareholder Agreement. According to this agreement, Dr. h.c. Friede Springer and Dr. Mathias Döpfner will refrain from accepting the public takeover offer with regard to their shares held in Axel Springer SE, but will continue to be involved in Axel Springer SE to the same extent as before. Subject to the consummation of the public takeover offer, the bidder and the holding companies controlled by Dr. h.c. Friede Springer and by Dr. Mathias Döpfner will coordinate their conduct with respect to the company and will jointly exercise their voting rights in the future. Both will jointly support the Executive Board's growth strategy to increase the enterprise value in the long-term.

After the publication of the offer document, the Executive Board and the Supervisory Board of Axel Springer SE will issue and publish a reasoned statement on the public takeover offer in accordance with their statutory obligations.

In consideration of the announced public takeover offer, the Executive Board has decided to hold on to the investments planned for the implementation of its growth strategy for the fiscal year 2019 despite of the revenue development being weaker than planned, especially in the Job Classifieds business, due to the overall macro-economic development. Therefore, and also taking into account the digital tax which has meanwhile been passed in France, it results in a partial adjustment of the revenues and earnings development expected for 2019. With regard to the key figures listed below, the following development will be expected, with the organic development referring to an adjustment for consolidation and exchange rate effects:

- Revenues of the Group: decrease in the low single-digit percentage range (reported), until now: at the level of the prior year/growth in the low single-digit percentage range (organic), until now: increase in the low to mid single-digit percentage range.
- Revenues Classifieds Media: at the previous year's level to an increase in the low single-digit percentage range (reported), until now: increase in the mid single-digit percentage range/increase in the mid to high single-digit percentage range (organic), until now: increase in the high single-digit to low double-digit percentage range.
- Adjusted EBITDA of the Group: decrease in the mid single-digit percentage range (reported), until now: at the level of the prior year/at the level of the prior year (organic), until now: increase in the low to mid single-digit percentage range.
- Adjusted EBITDA Classifieds Media: decrease in the mid single-digit percentage range (reported), until now: at the level of the prior year/at the level of the prior year (organic), until now: increase in the mid single-digit percentage range.
- Adjusted EBIT of the Group: decrease in the high single-digit percentage range (reported), until now: decrease in the low to mid single-digit percentage range/decrease in the low single-digit percentage range (organic), until now: increase in the low single-digit percentage range.
- Adjusted EBIT Classifieds Media: decrease in the high single-digit to low double-digit percentage range (reported), until now: decrease in the low single-digit percentage range/decrease in the mid single-digit percentage range (organic), until now: increase in the low to mid single-digit percentage range.
- Adjusted earnings per share (Group): decrease in the high single-digit to low double-digit percentage range (reported), until now: decrease in the low single-digit percentage range/decrease in the low to mid single-digit percentage range (organic), until now: increase in the single-digit percentage range.

For all other key figures, the forecast as published most recently in the quarterly statement dated 7 May 2019 remains unchanged. For further explanations with respect to the relevant key performance indicators, please refer to page 37 f. of the Annual Report 2018.

For 2020, the continuation of the growth strategy will lead to an adjusted EBITDA significantly below than in 2019. In the years thereafter, a significant improvement of the adjusted EBITDA compared to the year 2020.



Contact:
Daniel Fard-Yazdani, Head of Investor Relations, Tel.: +49 30 2591 77425
Claudia Thomé, Co-Head of Investor Relations, Tel.: +49 30 2591 77421
ir@axelspringer.de


12-Jun-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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