Schibsted has entered into an agreement with Orkla Media AS to purchase 443,754 shares in Bergens Tidende AS for NOK 1,063.57 per share, in total NOK 472 million. The shares are equivalent to 28.5 % of the total share capital in the company. Following the purchase, Schibsted’s total holding in Bergens Tidende AS will be 823,594 shares, corresponding to 52.8% of the shares.
This transaction will increase the probability of establishing the new listed group Media Norge. The boards of directors in Aftenposten, Bergens Tidende, Fædrelandsvennen and Stavanger Aftenblad, as well as Schibsted’s group board have all underwritten the letter of intent concerning the merger. A final merger agreement and plan is to be reviewed by the boards as soon as possible, and will then be presented to the Extraordinary General Meetings. It is still the intention that Schibsted will hold 50.1% of the shares in a potential Media Norge.
Schibsted has agreed to sell the same number of shares in Bergens Tidende to be acquired from Orkla Media to Roll Severin AS and its main shareholder Terje Roll Danielsen. The sale should be done at the same price as Schibsted’s purchase, and will be carried out after the EGM deciding on the Media Norge merger.
CFO Trond Berger, tel.: +47 91 68 66 95
EVP Schibsted Norway Birger Magnus, tel.: +47 90 03 00 93
Oslo, September 27th, 2006