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CORRECTED-UPDATE 1-De Mol makes cash offer for Telegraaf shares
June 14, 2017 / 6:42 AM / 5 months ago

CORRECTED-UPDATE 1-De Mol makes cash offer for Telegraaf shares

(Corrects to read SBS, show De Mol owns SBS, paragraph 8)

June 14 (Reuters) - Dutch tycoon John de Mol has launched a full cash offer on all outstanding shares in Telegraaf Media Group through his investment vehicle Talpa, dragging out a battle over control the Netherlands’ largest newspaper.

Talpa said late on Tuesday it would offer 6.50 euros ($7.29) in cash per share, valuing the Dutch media group at around 300 million euros.

TMG would not immediately comment on the situation.

A rival bid of around 274 million euros or 6 euros per share by Belgian publisher Mediahuis and partner VP Exploitatie received TMG’s supervisory board’s backing in April.

Mediahuis and VP Exploitatie, which already hold a nearly 60 percent stake in TMG, have taken notice of de Mol’s offer, they said in a joint statement.

De Mol’s Talpa Holding has built a rival 25 percent stake in TMG, which he had earlier pledged not to sell, effectively blocking Mediahuis’ intent to reach the 95 percent threshold required to initiate buy-out proceedings and take the company private.

TMG publishes the popular Telegraaf daily and also owns Sky Radio and several leading magazines in the Netherlands. Mediahuis owns another major Dutch newspaper, NRC Handelsblad.

De Mol, best known as the creator of hit television show Big Brother, owns television broadcaster SBS and several leading Dutch radio stations through Talpa.

$1 = 0.8916 euros Reporting by Wout Vergauwen; editing by Sunil Nair and Jason Neely

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