Axel Springer: Liberum reviews KKR's offer

(CercleFinance.com) - KKR has officially confirmed its offer at 63 euros per Axel Springer share.
Liberum believes that this offer is very likely to be accepted.

Both groups announced that they had started negotiations a few weeks ago. "So this is confirmation of an agreed bid which should pass given the key shareholders (Freide Springer and, to a lesser extent, the CEO) have agreed the bid," Liberum says.

This represents about a 45% premium over the share price before confirmation of the KKR-Axel Springer talks last month.

Liberum also points out that Axel Springer has announced a major profit warning for 2020, as well as one for 2019. "The company states that "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".


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