Den Haag, 20-6-12
Royal KPN N.V. ("KPN") announced in its press
release of 8 May 2012 that it would explore all strategic
options in the best interests of all shareholders
(including the non-tendering shareholders) and other
stakeholders, following the announcement by América Móvil
of its intention to make an unsolicited partial offer for a
number of ordinary shares that will represent no more than
28% of the issued and outstanding shares. Subsequently, in
the press release of 1 June 2012, KPN announced a review of
strategic options for E-Plus to unlock value embedded in
the German business.
As part of that review, the Board of Management has
explored multiple options with different parties to unlock
superior value. Specifically, one of these options has been
analyzed in-depth providing KPN with additional insights
into the potential significant synergy value which can be
created through in-country consolidation in Germany.
However, the current adverse conditions in financial
markets have meant that no agreement could be reached at
this point in time, and talks have been terminated.
Today, KPN has an even stronger belief that there is
significant value embedded in the German market, and is
convinced that other parties share this view. KPN maintains
the view that the partial offer by América Móvil
significantly undervalues KPN and does not offer an
appropriate premium on all outstanding ordinary shares for
gaining significant influence. KPN continues to recommend
that its shareholders take no action and will publish its
Position Statement in respect of América Móvil's
unsolicited partial offer tomorrow, Thursday 21 June
2012.
This is an announcement in accordance with section 5:25i
paragraph 2 of the Dutch Financial Supervision Act (Wet op
het financieel toezicht).
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