FRANKFURT: U.S. private equity investor KKR said on Friday its tender to buy out minority shareholders in Axel Springer had received acceptances on behalf of 6.7per cent of the shares in the German publisher.
KKR is teaming up to take Axel Springer private with Friede Springer, the 76-year-old widow of the company's founder, and CEO Mathias Doepfner. Between them the two control a stake of 45.4per cent in Springer.The buyout offer, at 63 euros per share, puts an equity value of 6.8 billion euros on the business. That represents a premium of 40per cent to market levels preceding the offer that was announced on June 12.
If the bid succeeds, its backers hope to gain greater freedom to build Springer's digital portfolio and to look for acquisitions. The offer to buy out minorities, made in concert with Springer's main shareholders, is subject to a 20per cent threshold and runs until Aug. 2. KKR will publish daily updates on acceptances for the offer during its final week on the website of its bid vehicle Traviata II https://www.traviata-angebot.de/en/mandatory-publications.
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