UNQUOTE

THE NETHERLANDS - Permira leaves VNU consortium

  • Wietske Blees
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Press reports suggest that Permira has dropped out of the private equity consortium which has tentatively offered to buy VNU for between EUR 28 and EUR 28.50 a share, because of concerns that the offer price is too high. This withdrawal reduces the consortium to six members and follows the earlier departure of Apax Partners. The remaining members are AlpInvest, Blackstone, Carlyle, Kohlberg Kravis Roberts & Co, Hellman & Friedman and Thomas H. Lee.

Permira's departure is a setback for the bid, but a formal offer is still believed to be likely. There are as yet no indications that other bidders may also withdraw. VNU shares fell by 1.56% to EUR 27.18.

While Permira reportedly considers the offer price to be too high, previous reports suggest that some of VNU's shareholders believe the price is too low and that the company would be worth more if it was broken up and sold off in three pieces.

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