Board of Directors of PubliGroupe releases report on public tender offers and recommends acceptance of Swisscom offer
Lausanne, 14 July 2014 - In its report published today, the PubliGroupe Board of Directors recommends that PubliGroupe shareholders accept the public tender offer from Swisscom Ltd at CHF 214 per share and tender their shares to Swisscom, as already communicated on 17 June 2014. On the other hand, the Board of Directors recommends rejecting the offer from Tamedia Ltd at CHF 190 per share. Today PubliGroupe also publishes the interim financial statements as of 31 March 2014 required in connection with the ongoing public tender offers.
In its report, the PubliGroupe Board of Directors explains its recommendation of the Swisscom offer at the price of CHF 214 per share. The offered price is within the range that the independent fairness opinion commissioned by the Board of Directors deems to be a fair from a financial point of view. In addition, the Board of Directors believes that strategic considerations favour Swisscom as the new owner of PubliGroupe, especially with the anticipated strengthening of the market position of the directory platforms local.ch and search.ch through their planned combination of forces. Furthermore, the PubliGroupe Board of Directors is of the opinion that promising development opportunities could present themselves for the business segment Digital & Marketing Services together with Swisscom.
In its decision of 11 June 2014, the Swiss Takeover Board ordered that, in connection with the two public tender offers from Swisscom and Tamedia, PubliGroupe exceptionally prepare interim financial statements as of 31 March 2014. With an increased consolidated net revenue of CHF 57.7 million (2013: CHF 55.6 million) and on the basis of operational improvements of the Media Sales/Publicitas business segment, the operating loss saw a significant decrease to CHF -3 million (2013: CHF -9 million). As previously reported, the sale of Publicitas completed at the end of June 2014 will result in a one-time write-off for PubliGroupe of around CHF 30 - 40 million, which will affect the net result for 2014. For the first half of 2014, PubliGroupe anticipates a positive operating result.
For further information:
Beat W. Werder
Head of Corporate Communications
Tel.: + 41 21 317 72 15
Press release (PDF)