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Belegger Vendex: opgelet.

1. Robin Good 5 februari 2004 22:14

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   • Robin Good

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   Reuters
   UPDATE - Vendex approached about 1.3 bln euro buy-out offer
   Thursday February 5, 3:48 pm ET
   By Christopher Borowski
   
   (Adds key shareholder backing, Vendex spokesman)
   AMSTERDAM, Feb 5 (Reuters) - Several international private equity groups have approached Dutch retailer Vendex KBB (Amsterdam:VENDc.AS - News) about a possible 1.3 billion euros ($1.6 billion) buy-out offer, the company said on Thursday.
   
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   Vendex, which has been under pressure to go private and shed unprofitable
   units, said it was in discussions about a potential offer of about 14 euros per share, a 22-percent premium over its Thursday closing price of 11.41 euros.
   
   Boston-based investment fund K Capital Partners, Vendex's biggest shareholder that has been looking for buyers over the last several months, said it backed the company's decision to enter buy-out talks.
   
   "Vendex shares are fundamentally undervalued and their price does not reflect the company's intristic value. Taking the company private is a fast and efficient way of releasing this value," Peter Manhout of Petercam, which advises K Capital, told Reuters.
   
   Vendex, which sells a wide range of products from drills to dresses and cutlery to computers, has been struggling to return to profit and has faced increased shareholder pressure.
   
   The buy-out proposal was preliminary and non-binding, Vendex KBB said, adding that it was unclear whether the exploratory discussions would lead to a public offer.
   
   Vendex spokesman Peter van Bakkum declined to name any of the potential buyers, but said they would start a due dilligence investigation next week and the process would last between six and eight weeks.
   
   "The supervisory board and management board have decided to explore the possibilities of effecting a transaction with a selected number of parties, who are interested in the group as a whole and endorse the corporate strategy," the firm said.
   
   "The process is still in an initial phase and is likely to take several months. Further information will follow if and when appropriate," it said.
   
   Last year K Capital, backed by U.S. corporate raider Guy Wyser-Pratte, sought to push Vendex management to shed loss-making units such as V&D and to take the company private.
   
   At the time, Vendex said it had no such disposal plans and would stick to its strategy to restructure and expand its profitable fashion outlets and do-it-yourself stores.
   
   In its statement released after Thursday's market close, Vendex also noted that expenditure in the non-food sector had remained under pressure in the fourth quarter, with apparel and consumer electronics markets showing a marked decline.
   
   The company said its troubled V&D department stores would post a full-year loss of between 30 million and 50 million euros, in line with earlier forecasts, and it would take an 80 million euros restructuring charge for the unit. (Additional reporting by Theo Kolker and Melanie Cheary)
   
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   Reuters
   Key Vendex shareholder backs buy-out talks
   Thursday February 5, 2:39 pm ET
   
   AMSTERDAM, Feb 5 (Reuters) - K Capital Partners, a key shareholder of Dutch retailer Vendex KBB (Amsterdam:VENDc.AS - News), said on Thursday it backs the company's decision to enter talks with private equity groups about a possible 1.3 billion euros ($1.6 billion) buy-out offer.
   "Today's decision to pursue a competitive process to explore the possibility of a transaction is exactly the type of action that is in the best interests of all shareholders, " K Capital said in a statement.
   
   Vendex spokesman Peter van Bakkum said the potential buyers would start a due diligence investigation next week and the process would last between six and eight weeks.
   
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