Swisscom plans to launch a SFr502m (US$563.2m) takeover bid for marketing and media sales company PubliGroupe in its battle to take full control of online directory local.ch.
The Swiss incumbent will offer SFr200 (US$224.4) per PubliGroupe share with…
Swisscom plans to launch a SFr502m (US$563.2m) takeover bid for marketing and media sales company PubliGroupe in its battle to take full control of online directory local.ch.
The Swiss incumbent will offer SFr200 (US$224.4) per PubliGroupe share with the aim of taking control of local.ch, the companies’ 50:50 joint venture, and developing its strategic directories business. The Bern-based telco expects to publish the offer prospectus on 12 June.
The offer trumps the SFr150 (US$168.3) per share takeover bid announced by media company Tamedia last month, which values PubliGroupe at about SFr357m (US$405.3m).
About a week after the Tamedia bid, Swisscom submitted a non-binding SFr230m (US$261m) takeover offer for PubliGroupe’s shares in two online directories businesses, LTV Yellow Pages and Swisscom Directories, which use the local.ch brand.
Tamedia subsequently boosted its stake in PubliGroupe from 7.3% to 17.6%, making it the largest shareholder. The media group intends to publish the prospectus for its takeover bid on 27 May with an increased SFr190 (US$213) offer price, a company spokesperson confirmed last week. Today, the spokesperson said the company will consider raising its offer further.
“However, we are under no pressure as we could raise our offer anytime between now and the end of the takeover process in mid-July,” he said.
Firmly focussed on local.ch, Swisscom plans to sell PubliGroupe’s shareholdings in a number of other media assets.
Lausanne-based PubliGroupe said it will review Swisscom’s offer alongside Tamedia’s.
Swisscom currently owns 51% of Swisscom Directories and 49% of LTV Yellow Pages, while Lausanne-based PubliGroupe owns the remaining shares in both businesses.
