Swiss incumbent Swisscom has emerged as a rival suitor to media company Tamedia for PubliGroupe’s shares in two local online directory businesses, submitting a non-binding takeover bid worth SFr230m (US$261m).
Swisscom’s offer to buy the shares it…
Swiss incumbent Swisscom has emerged as a rival suitor to media company Tamedia for PubliGroupe’s shares in two local online directory businesses, submitting a non-binding takeover bid worth SFr230m (US$261m).
Swisscom’s offer to buy the shares it doesn’t already own in the directories, LTV Yellow Pages and Swisscom Directories, excludes planned dividend payments, the telco said in a statement.
“Swisscom’s aim with the deal is to assume full control of local.ch while further developing its strategic directories business in the existing market environment and streamlining the company structure,” the telco said in a statement. A subsidiary of Swisscom Directories, local.ch is a website providing phone number details.
Tamedia launched a public takeover offer for 100% of PubliGroupe shares last week, valuing the advertising firm at about SFR357m (US$405.3m).
Swisscom currently owns 51% of Swisscom Directories and 49% of LTV Yellow Pages, while Lausanne-based PubliGroupe owns the remaining shares in both businesses.
PubliGroupe’s board of directors acknowledged Swisscom’s bid in a short statement, saying it will carefully examine it alongside Tamedia’s public tender offer and issue a statement “in due time”.
In March, Swisscom CFO Mario Rossi said the company had SFr1.6bn-1.7bn (US$1.8bn-1.9bn) to spend on acquisitions in its core markets of Switzerland and Italy. Also last month, the Swiss telco issued a €500m (US$689.2m) bond due 2021, partly to refinance debt.
