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    KPN   NL0000009082

ROYAL KPN N.V.

(KPN)
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Royal KPN Rejects Takeover Offers From KKR, EQT-Stonepeak -- Update

05/03/2021 | 03:12am EDT

By Kim Richters and Mauro Orru

--Royal KPN rejected unsolicited takeover proposals from KKR and EQT AB with Stonepeak Infrastructure Partners

--The company said the two offers didn't provide added value to its strategy

--Shares opened lower in early morning trading

By Kim Richters and Mauro Orru

Royal KPN NV said Sunday that it has rejected an unsolicited takeover offer from investment firm KKR & Co as well as a separate one by private-equity firms EQT AB and Stonepeak Infrastructure Partners.

The Dutch telecommunications company said its board of management and supervisory board came to the decision after reviewing the two approaches, adding that there haven't been negotiations with the suitors.

"The boards concluded to reject both unsolicited approaches as they did not provide tangible and material added value to KPN's widely supported new strategy," the company said.

Royal KPN unveiled its new strategy in November to leverage and expand its network, bolster its customer footprint and streamline its operating model.

The strategy includes the acceleration of fiber rollout across the Netherlands, a progressive dividend policy and regular dividend per share growth between 3% and 5% per year as well as a cost savings effort of at least 250 million euros ($300.5 million) from 2021 until 2023.

EQT declined to comment when approached by The Wall Street Journal on Monday, while Stonepeak and KKR didn't immediately respond to requests for comment.

Royal KPN shares opened lower in Amsterdam on Monday, trading 3.8% down at EUR2.76 at 0847 GMT.

Write to Kim Richters at kim.richters@wsj.com and Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

05-03-21 0512ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -1.22% 33394.13 Delayed Quote.11.20%
EQT AB (PUBL) -1.52% 311.7 Delayed Quote.50.43%
KKR & CO. INC. -2.49% 55.68 Delayed Quote.41.12%
ROYAL KPN N.V. -1.47% 2.612 Real-time Quote.6.63%
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Financials
Sales 2021 5 224 M 6 210 M 6 210 M
Net income 2021 541 M 644 M 644 M
Net Debt 2021 5 693 M 6 767 M 6 767 M
P/E ratio 2021 20,3x
Yield 2021 5,22%
Capitalization 11 131 M 13 262 M 13 233 M
EV / Sales 2021 3,22x
EV / Sales 2022 3,16x
Nbr of Employees 9 237
Free-Float 79,8%
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Technical analysis trends ROYAL KPN N.V.
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 3,12 €
Last Close Price 2,65 €
Spread / Highest target 50,8%
Spread / Average Target 17,6%
Spread / Lowest Target -13,3%
EPS Revisions
Managers and Directors
NameTitle
Joost F. E. Farwerck Chairman-Management Board, CEO & COO
Chris H. Figee Chief Financial Officer
Duco W. Sickinghe Chairman-Supervisory Board
Babak Fouladi Chief Technology & Digital Officer
Derk Johan Haank Vice Chairman-Supervisory Board
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