Tag Archives: Arbitrage

Special situation Quickie: Axel Springer voluntary tender offer EUR 63/share

A few weeks ago, PE big weight KKR had announced to make a voluntary tender offer for German publisher Axel Springer at EUR 63 per share.

It is an interesting case as the offer is targeting only a minority stake. The threshold for the offer is set at only 20%.

The background seems to be that the biggest shareholder, Friede Springer and the CEO Döpfner, who own together ~45% want to make sure that they control the company together with KKR as they have entered into a shareholder agreement.

Looking at the stock price we can see that the offer has been made at a significant premium (~40%) but still below 2018 prices:

springer

There seem to have been other attempts to make sure that Friede and Döpfner control the company but they didn’t succeed.

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