GfK Boards Set Out Reasons for Accepting KKR Offer

GfK SE's Management Board and Supervisory Board have published a 'reasoned statement' setting out the facts behind their recommendation to accept the recent tender offer by KKR for a major shareholding in the global group.

Published on December 30th, the statement is required by Section 27 of the German Securities Acquisition and Takeover Act, and relates to the offer launched in December by KKR (Kohlberg Kravis Roberts & Co. L.P. and affiliates). In the statement, the Boards say the offer price of EUR 43.50 per share can be considered as 'adequate from a financial point of view' - an opinion supported by the financial advisor of the Management Board (Deutsche Bank AG) and the financial advisor of the Supervisory Board (B. Metzler GmbH (Metzler Corporate Finance)).

The Board also uses the statement, available online at www.gfk.com/investors/investors , to reiterate and substantiate guidance on margin expectations for 2016 and 2017.

At the time of the offer, Management Board Speaker and CCO Gerhard Hausruckinger (pictured) said KKR's 'expertise in the area of market research, their financial strength, and the stability this transaction brings to GfK's shareholder base' would help the company to drive its strategy forward 'faster and more effectively'.