March 25, 2020 / 5:56 PM / in 4 days

Axel Springer says delisting possible by April 6

BERLIN, March 25 (Reuters) - German media company Axel Springer SE, publisher of Germany’s Bild newspaper, said on Wednesday that it aims for an earlier delisting than it originally planned due to the cancellation of the annual shareholders meeting.

Axel Springer said the delisting should become effective as early as April 6 or on another trading day in the week up to April 9, instead of the originally planned May 4.

The original date was chosen to avoid that the delisting would occur between calling and holding the AGM, which was planned for April 22, but was cancelled on Monday, when Springer scrapped its 2020 earnings forecast, saying results would be significantly lower due to the coronavirus outbreak.

Axel Springer initially announced in January it planned to delist from the Frankfurt Stock Exchange as part of a 63 euros per share takeover by U.S. private equity investor KKR. (Reporting by Emma Thomasson; Editing by Lisa Shumaker)

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