Dutch operator KPN turned down two separate unsolicited acquisition approaches from investment companies, stating neither added value to its growth strategy.
In a statement, the operator said both its management board and supervisory body had reviewed unsolicited approaches by investment company KKR and a joint proposition from Stonepeak and EQT.
KPN added the latter approach did not include an offer price, though media speculation last month [1] claimed EQT and Stonepeak were jointly preparing a bid valuing the operator at $15 billion. It also made no comment on the details of KKR’s bid.
The operator noted its boards had considered whether either buyout was in the interests of shareholders, customers, employees, creditors, suppliers, alongside the Dutch government and society.
Offers were subsequently rejected on grounds they did not “provide tangible and material added value to KPN’s widely supported new strategy” with no discussions or negotiations held with either of the suitors.
The offers come as the operator executes its major new strategy [2] announced in November designed to help drive investments in 5G and fibre in the country while introducing a “streamlined operating model” and cost cuts.
KPN has been the target of interest from a number of investors over the years with major shareholder America Movil attempting, and failing, to implement a takeover back in 2013 and numerous companies [3] rumoured to be preparing approaches since.
[1] https://www.mobileworldlive.com/featured-content/home-banner/kpn-in-line-for-15b-takeover-bid
[2] https://www.mobileworldlive.com/featured-content/top-three/kpn-to-slash-e250m-from-costs-in-latest-round-of-cuts
[3] https://www.mobileworldlive.com/featured-content/top-three/brookfield-mulls-kpn-bid
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