November 21, 2017 / 3:54 PM / 25 days ago

BRIEF-Media group Schibsted offers B-shares to finance M&A in online classifieds

Nov 21 (Reuters) - SCHIBSTED ASA:

* REG-SCHIBSTED ASA (SCHA/SCHB) - SCHIBSTED ANNOUNCES OFFERING OF B-SHARES

* ‍SCHIBSTED ASA (“SCHIBSTED” OR “ COMPANY”) ANNOUNCES AN OFFERING OF UP TO 11,880,397 B-SHARES, EQUAL TO 5.2% OF EXISTING SHARE CAPITAL OF COMPANY ( “OFFERING”) OR 10% OF EXISTING OUTSTANDING B-SHARES.​

* ‍NET PROCEEDS FROM OFFERING WILL BE USED TO STRENGTHEN COMPANY‘S CAPITAL BASE AND TO FINANCE STRATEGIC ACQUISITION ACTIVITIES, ESPECIALLY WITHIN ONLINE CLASSIFIEDS SEGMENT, WHERE COMPANY SEES OPPORTUNITIES TO DO VALUE ACCRETIVE IN-MARKET CONSOLIDATION AND BOLT-ON ACQUISITIONS​

* ‍COMPANY‘S OVERALL STRATEGY REMAINS FIRM: TO CONTINUE TO BUILD ONLINE CLASSIFIEDS TRAFFIC AND BRAND LEADERSHIP POSITIONS AND TO DEEPEN FOOTPRINT IN REAL ESTATE, CAR AND JOBS VERTICALS​

* ‍SCHIBSTED HAS RETAINED ARCTIC SECURITIES, DNB MARKETS AND GOLDMAN SACHS INTERNATIONAL AS JOINT BOOKRUNNERS IN CONNECTION WITH OFFERING (JOINTLY “MANAGERS”).​

* ‍BOOK-BUILDING PERIOD WILL COMMENCE IMMEDIATELY AND IS EXPECTED TO CLOSE ON 21 NOVEMBER 2017 WITH SETTLEMENT EXPECTED TO OCCUR ON OR AROUND 24 NOVEMBER 2017.​

* ‍MINIMUM APPLICATION AND ALLOCATION OF SHARES PER INVESTOR IN OFFERING WILL BE A NOK AMOUNT EQUIVALENT TO EUR 100,000,​

* ‍SCHIBSTED HAS AGREED NOT TO UNDERTAKE A FURTHER ISSUE OR SALE OF B-SHARES OR SECURITIES CONVERTIBLE INTO SUCH SHARES FOR A PERIOD OF 90 DAYS FOLLOWING SETTLEMENT OF OFFERING WITH MANAGERS​ SOURCE TEXT FOR EIKON: FURTHER COMPANY COVERAGE: (Reporting by Gwladys Fouche)

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