It’s Official: VNU Board Accepts $8.9 Billion Offer; Shareholders May Not Follow Suit

Following months of sales discussions, the VNU board has accepted an offer worth 7.5 billion euros ($8.9 billion) in cash from a private equity consortium. If approved by the shareholders — and that could be a big if — the deal calls for the company to be kept intact for at least 18 months. Known as Valcon Acquisition B.V., the consortium includes AlpInvest Partners, The Blackstone Group, The Carlyle Group, Hellman & Friedman LLC, Kohlberg Kravis Roberts & Co. and Thomas H. Lee Partners. Permira Advisors Ltd. left the group.
The price represents a multiple of 13.4 times 2005 adjusted EBITDA and a 23-percent premium over the closing price on the last trading day before VNU’s attempt to swallow IMS Health. The failed IMS effort, which set off the events leading to the sale, is thought to have cost Rob van den Bergh his job as CEO; he will leave when the deal closes.

Press release. | Amsterdam Webcast (replay) | UK Webcast (11 a.m. Eastern)

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