Swiss incumbent Swisscom has snapped up marketing and media sales firm PubliGroupe following its public takeover offer process.
The Berne-based telco said today that 71.53% of all PubliGroupe shares to which its bid was directed were tendered before the…
Swiss incumbent Swisscom has snapped up marketing and media sales firm PubliGroupe following its public takeover offer process.
The Berne-based telco said today that 71.53% of all PubliGroupe shares to which its bid was directed were tendered before the offer expired yesterday.
Separately, local media firm Tamedia has acquired 17.9% of PubliGroupe.
PubliGroupe’s online directories and search businesses will be incorporated in a joint venture, of which Swisscom will own 69% and Tamedia the remaining 31%.
The two companies had previously made rival bids for PubliGroupe, with Swisscom’s SFr200 (US$223) per share coming up trumps.
In mid-June, Swisscom boosted its PubliGroupe offer to SFr214 (US$238) per share, valuing the takeover at about SFr492m (US$548m). PubliGroupe’s board of directors subsequently recommended shareholders accept it.
Swisscom said it will provide further details on the transaction, including whether all conditions have been fulfilled, when it publishes its interim results, scheduled for 11 August. All going to plan, the telco will then extend the offer period by 10 trading days to 25 August.
Swisscom’s primary motivation for the deal is to take full control of the online businesses, aiming to transform them into a local alternative to Google.
If the takeover is successful, Swisscom intends to sell PubliGroupe’s minority holdings in several media companies.
Both the PubliGroupe takeover and the partnership between Swisscom and Tamedia are subject to the approval of the Federal Competition Commission.
