Schibsted has made an offer of NOK 540 million for Adresseavisen’s 11,33% of the shares in Finn.no AS. The offer values Finn.no at NOK 4,767 million.
In the exchange ratio on which the proposed forming of Polaris Media (integration of Adresseavisen and Harstad Tidende Gruppen) is based, Adresseavisen’s shares in Finn.no are valued at NOK 427 million. The offer from Schibsted consequently represents a premium of 26%.
The offer is conditional to Adresseavisen, at the latest on 14 June 2008, confirming the intention to conduct a closer evaluation of whether to accept the offer from Schibsted.
Today, Schibsted controls directly and indirectly approx 84% of Finn.no, but will in connection with the forming of Media Norge and the reduction in holdings in Media Norge to 50.1% reduce its exposure to approx 44%. The desire for continued large shareholdings in Finn.no is a key objective for the offer being made.
Finn.no is the clear market leader in the Norwegian online classifieds market, both regarding recruitment, real estate, cars and miscellaneous. In 2007, the company had revenues of NOK 576 million and operating profits (EBITA) of NOK 249 million. The company grew with 45% last year, and in Q1 2008 the revenue growth was 52%.
Schibsted is positive to the forming of Polaris Media, and the chairman of the board of directors in Adresseavisen will be given proxy to vote for Schibsted’s shares at the general meeting with this issue on the agenda.
Contact persons:
CFO Trond Berger, tel: +47 91 68 66 95
EVP Norway Birger Magnus, tel: +47 90 03 00 93
Oslo, 12 June 2008
SCHIBSTED ASA
Jo Christian Steigedal, IR Officer