WindAcre Buying Nielsen Shares, Opposes New Deal

Nielsen shareholder WindAcre said this week it would block the ratings giant's latest sale agreement, requesting a $1.1bn 'sweetener' for its support, according to sources quoted by Bloomberg. SEC filings suggest WindAcre has secured millions more shares in Nielsen this week at a cost of around $0.9bn.

Nielsen rejected an initial $15bn bid from the consortium, led by Brookfield Asset Management Inc. and Elliott Investment Management, on March 21st, with WindAcre's objections prominent in the discussions; Nielsen then approved an increased offer eight days later. Chairman James Attwood said the board believes the second deal 'represents an attractive outcome for our shareholders by providing a cash takeout at a substantial premium, while supporting Nielsen's commitment to our clients, employees and stakeholders'.

WindAcre appears to disagree strongly. According to Bloomberg, the investor says the company's real value could be well over $40 per share, and during recent negotiations said it would only support the deal if the buyers granted it the equivalent of $40 for each of its 86.5m shares and options in the form of equity - equivalent to around $1.1bn. It also requested the option to keep all or at least some of its investment in the new structure, but this 'unusual arrangement' was 'quickly rejected' by the consortium, according to Bloomberg.

Since Wednesday morning WindAcre has raised its stake from around 36.5m shares to just under 68m, according to SEC filings, having started the week with the c.9.6% of the company it held at the turn of the year.

Bloomberg comments from www.bloombergquint.com/business/nielsen-investor-said-to-have-sought-1-billion-to-support-deal . SEC filing at https://ir.nielsen.com/financials-and-filings/sec-filings/sec-filings-details/default.aspx?FilingId=15723751 .

Web site: www.nielsen.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.