German media and eCommerce giant, Axel Springer SE said it has accepted an offer from U.S investment giant, KKR to take the company private.
Axel Springer said in a statement that it will within the next few days announce details of the acquisition.
The company said that the “Acceptance rate exceeded the minimum acceptance threshold of 20 percent at the end of the offer period on 2 August 2019.”
Mathias Döpfner, CEO of Axel Springer said: “This is an important milestone for our planned strategic partnership with KKR. We can thereby use additional opportunities and accelerate our growth and investment strategy.”
Julian Deutz, CFO of Axel Springer commented: “We are pleased that the attractive offer from KKR has been accepted. And we are optimistic that the remaining offer conditions can be fulfilled over the next months.”
However, the transaction is still subject to section 16 of the German Securities Acquisition and Takeover Act, shareholders who have not yet tendered their shares still can accept the offer at an offer price of EUR 63.00 per share during the mandatory additional acceptance period. This period will last 14 days and start following the announcement of the offer result which will be published by KKR within the next days.
The completion of the offer remains subject to various merger control, foreign investment and media concentration clearances.