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KKR

KKR

$24.04

0.08 (0.33%)

, AXELF

Axel Springer

$0.00

(0.00%)

06:17
06/12/19
06/12
06:17
06/12/19
06:17

KKR offers to buy out Axel Springer minority shareholders

Axel Springer (AXELF) has signed today an investor agreement with Traviata II S.a r.l., a holding company owned by funds advised by investment firm KKR (KKR) to create a strategic partnership supporting the long-term growth and investment strategy of the company. In this context, the Investor has announced its intention to launch a voluntary public tender Offer an Offer price of EUR 63.00 per share in cash for all outstanding shares of Axel Springer. The announcement and Offer by KKR is the result of a strategic review and stringent process initiated by the Executive Board of Axel Springer in the context of its growth strategy presented in December 2018. The Executive Board of Axel Springer has evaluated different options including finding a committed shareholder and strategic partner, who supports the realization of the company's strategy, while at the same time offering all shareholders of Axel Springer the opportunity to realize a significant part of the envisaged long-term value creation immediately upfront. The Offer Price represents a premium of c. 39.7 percent to the unaffected share price of EUR 45.10 on 29 May 2019, before Axel Springer confirmed discussions with KKR about a potential strategic investment. The Executive Board and the Supervisory Board of Axel Springer support the Offer and the strategic partnership. Current shareholders Friede Springer, who indirectly and directly controls 42.6 percent of the shares, and CEO Mathias Dopfner, who owns 2.8 percent of the shares, have separately agreed with the Investor to retain their shareholdings in Axel Springer SE. The current Executive Board members of Axel Springer will continue to lead the company.

KKR

KKR

$24.04

0.08 (0.33%)

AXELF

Axel Springer

$0.00

(0.00%)

KKR KKR
$24.04

0.08 (0.33%)

04/02/19
BERN
04/02/19
DOWNGRADE
BERN
Underperform
KKR downgraded to Underperform from Market Perform at Bernstein
05/21/19
FBCO
05/21/19
DOWNGRADE
FBCO
Neutral
KKR downgraded to Neutral from Outperform at Credit Suisse
05/21/19
05/21/19
DOWNGRADE
Target $29

Neutral
KKR downgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst Craig Siegenthaler downgraded KKR to Neutral from Outperform, with a $29 price target. The analyst cited a lower relative 12-month total return forecast and following the stock's 25%-30% total return year to date. Siegenthaler is re-focusing on the alts that will benefit from recent/future C-Corp conversions, generate stronger than expected fee-related earnings growth and experience less negative earnings revisions in the next economic recession.
05/21/19
05/21/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. KKR (KKR) downgraded to Neutral from Outperform at Credit Suisse analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's 25%-30% total return year to date. 2. Ocular Therapeutix (OCUL) downgraded to Market Perform from Strong Buy at Raymond James and to Market Perform from Outperform at Cowen. 3. CAE (CAE) downgraded to Market Perform from Outperform at BMO Capital and to Hold from Buy citing "limited potential returns." 4. Tremont Mortgage Trust (TRMT) downgraded to Neutral from Buy at UBS with analyst Brock Vandervliet saying last week's surprising capital raise has eroded shareholder value. 5. Carlyle Group (CG) downgraded to Neutral from Outperform at Credit Suisse with analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's mid-30% total return year to date. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AXELF Axel Springer
$0.00

(0.00%)

05/31/19
BREN
05/31/19
UPGRADE
BREN
Hold
Axel Springer upgraded to Hold from Sell at Berenberg
Berenberg analyst Sarah Simon upgraded Axel Springer to Hold from Sell citing KKR's interest in taking the company private. The analyst raised her price target for the shares to EUR 52 from EUR 43.

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