Broker Center sponsored links

UPDATE 1-KPN: Getronics bid unconditional, extends deadline

Mon Oct 15, 2007 2:41am EDT
 
Email | Print | | Reprints | Single Page
[-] Text [+]

(adds detail, background)

AMSTERDAM, Oct 15 (Reuters) - Dutch telecoms group KPN (KPN.AS: Quote, Profile, Research, Stock Buzz) KPN.N declared its bid for Dutch computer services firm Getronics GTN.AS unconditional on Monday, after 89.5 percent of Getronics shares were tendered or bought.

KPN launched a 6.25 euros per share or 1.2 billion euros ($1.71 billion) including debt bid for Getronics last month, and said in a statement it would extend the offer period to Nov. 5. It had already bought 30 percent of Getronics shares on the market before launching the offer.

KPN, which in July agreed with the struggling information technology company to buy its shares, is trying to move from providing communications links to more value-added services in the business market.

The bid is worth about 766 million euros for the Getronics shares, while KPN is also spending an additional 415 million euros on buying back Getronics's outstanding convertible bonds maturing in 2008, 2010 and 2014 as well as preference shares.

Bondholders, of which 99 percent or more offered their bonds to KPN, would receive an amount in cash equal to 1,040 euros per 2008 bond, 50,500 euros per 2010 bond, and 52,500 euros per 2014 bond plus accrued interest up to the settlement date, KPN said.

 

Help us advance this story. Provide relevant links or share your insights using our comment box. Please be considerate and help us by reporting any abuse you find. Reuters will delete comments that don't meet community standards.

Have a correction to this article? Email the editors

Featured Broker sponsored link

Editor's Choice

  • Pictures
  • Video
  • Articles
Photo

A selection of our best photos from the past 24 hours.  View Slideshow 

Most Popular on Reuters

  • Articles
  • Video
  • Recommended