Vendex KBB takeover to proceed

28th June 2004, Comments 0 comments

28 June 2004 , AMSTERDAM — The investment company aiming to take over Vendex KBB — which owns the Bijenkorf, V&D, Hema and Praxis — is proceeding with its bid despite failing to gain its desired number of shares.

28 June 2004

AMSTERDAM — The investment company aiming to take over Vendex KBB — which owns the Bijenkorf, V&D, Hema and Praxis — is proceeding with its bid despite failing to gain its desired number of shares.

VDXK Acquisition initially placed as a pre-condition on the deal that 95 percent of Vendex KBB shares would be put up for sale, but it has now relinquished the demand and will be content with the offer of 92 percent.

Despite this, shareholders that have not yet offered their stocks up for sale will be given extra time until the second half of July.

Vendex KBB will be taken off the stock market as quickly as possible after the takeover takes place, Dutch public news service NOS reported on Monday.

The takeover company is a consortium comprising of KKR (a US investment company and the world's largest), CCP and AlpInvest Partners.

Vendex KBB has struggled financially in recent years. Its V&D chain of department stores has especially proved troublesome and Vendex offered itself up for sale at the start of this year.

[Copyright Expatica News 2004]

Subject: Dutch news

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