Repurchase of Talentum's own shares does not entail a mandatory takeover bid for Kauppalehti
Alma Media Corporation STOCK EXCHANGE RELEASE 13 March 2008 at 17:00
REPURCHASE OF TALENTUM'S OWN SHARES DOES NOT ENTAIL A MANDATORY TAKEOVER BID FOR KAUPPALEHTI
According to the authorization given by the Annual General Meeting, the Board of Directors of Talentum Oyj has decided to repurchase company's own shares. As these repurchases materialize, the shareholding and voting rights of Kauppalehti Oy, which is part of Alma Media Group, will exceed the 30% threshold. Exceeding this threshold, however, does not entail a mandatory takeover bid as the change in the holding does not pertain to measures taken by Kauppalehti Oy.
Kauppalehti Oy holds 13,200,000 Talentum shares, corresponding to approximately 29.85% of the total number of shares and voting rights. In case Talentum repurchases at least 39,818 of its own shares, the number of its own shares in its possession will increase to a total of 220,818 shares. As a result, provided that Kauppalehti Oy does not affect its shareholding through its own activities, the percentage controlled by Kauppalehti Oy of all votes vested in Talentum shares will exceed 3/10 for the purposes of calculating the threshold creating an obligation to make a mandatory takeover bid as per the Securities Market Act.
According to the Securities Marketing Act, Chapter 6, Section 10, Subsection 1, a shareholder whose portion exceeds three-tenths of the voting rights carried by the shares of a listed company shall launch a takeover bid for all the remaining shares of the company (mandatory bid). According to Chapter 6, Section 10, Subsection 7, however, the obligation to launch a mandatory bid shall not arise if, among other things, the exceeding of the 3/10 threshold results solely from measures taken by the offeree company (here Talentum). The repurchase of own shares is mentioned in legislation as an example of such a measure.
ALMA MEDIA CORPORATION
Vice President, Corporate Communications and Investor Relations
Mikko Korttila, General Counsel, Alma Media Corporation, telephone +358 10 665 000
Lasse Rosengren, General Counsel, Talentum Oyj, telephone +358 40 342 4204
OMX Nordic Exchange Helsinki
Alma Media in brief
Alma Media is a profitably growing and internationally expanding company that invests in the future of newspapers and online media. It's best known products are the Aamulehti, Iltalehti, Kauppalehti and Etuovi.com.
Net sales in 2007 totalled EUR 329 million and the operating margin was over 19%. The company's share is listed in the Mid Cap segment of the OMX Exchange's Nordic List, trading code ALN1V.
- Date: 13.3.2008, 18:00
- News type: Stock exchange release
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