PostNL confirmed that it had received a letter from bpost outlining a conditional and unsolicited proposal to combine the two businesses by way of a public offering.
PostNL stated that this would involve bpost acquiring all issued and outstanding ordinary shares at a price of 2.80 (US$3) per share plus 0.1202 bpost shares per PostNL share, representing a value of 5.65 (US$6.22) per PostNL share at bpost’s closing price of 23.50 (US$25.90) on November 4, 2016.
The post stressed that it had not been in discussions with bpost about a possible combination of the companies since issuing its original press release on May 29, 2016.
A statement on the PostNL website read, “We have confidence in our standalone strategy. We have made good progress in implementing our strategy and enforcing PostNL’s sustainability over the last couple of years.
“The supervisory board and board of management of PostNL are reviewing and considering bpost’s unsolicited proposal with the support of financial and legal advisors, acting in accordance with their fiduciary duties. In doing so, they will carefully consider the interests of all of PostNL’s stakeholders.”
In a statement released by bpost about the possible merger, Koen van Gerven, CEO of bpost, said, “We have a unique opportunity to join forces and stand strong together. The combination of our companies enables us to become one of the leading players in Europe. Together we form a resilient platform to benefit from new challenges and market opportunities. We look forward to having an open and constructive dialogue with the supervisory board and management board of PostNL.”
November 9, 2016