Reworld Media S.A (Reworld) has announced a public cash offer to the shareholders of Tradedoubler to sell all their shares to the French limited liability company.
Reworld is the largest shareholder in Tradedoubler, currently holding 30% of the shares SEK – Swedish Krona –13,756,554.
The firm offers SEK 3.17 million in cash per share in Tradedoubler, corresponding to a total value for all outstanding shares in Tradedoubler of SEK 142.2 million. Reworld have outlined the terms of the offer in an official statement, which can be viewed here.
The acceptance period for the offer is expected to begin on November 13 and end on December 11.
The Committee
The chairman of the board of directors of Tradedoubler, which consists of CEO Pascal Chevalier, Reworld’s deputy CEO and co-founder Gautier Normand and Reworld’s digital operations manager Jérémy Parola, will not be taking part in the handling or decisions in regards to the offer proposed. Therefore, a Committee has been set up to resolve any matters regarding the offer.
According to the statement, the offer is not subject to any financing condition and will be financed partly by available resources at hand and partly by a credit line through Reworld’s financing bank, BNP Paribas.
The completion of the terms is not subject to any conditions, including any minimum acceptance condition.
Tradedoubler’s future development
In the Committee’s opinion, Tradedoubler has a viable strategy going forward and the Committee has confidence in the management’s ability to execute on the Company’s current stated strategy.
The Committee believes that Reworld is very well positioned to support Tradedoubler on the execution of its strategy thanks to Reworld’s sector experience combined with financial resources and focus on long-term value creation. With Reworld strengthening their ownership, Tradedoubler will be able to continue to build Tradedoubler’s business platform.
Further information on the announcement can be found here.