Talpa, the investment vehicle of Dutch tycoon John de Mol, has agreed to sell its stake in Telegraaf Media Group (TMG) (TLGNc.AS) to Mediahuis, TMG said on Friday.
The Belgian publishing group, which also owns Dutch daily NRC Handelsblad, had been engaged in lengthy battle for control of TMG with Talpa, which said in August it had decided not to pursue its takeover bid but would remain as a minority shareholder.
Talpa’s decision to sell its 29.16 percent stake gives Mediahuis control of just over 90 percent of the publisher of the Netherlands’ top-selling newspaper, Thomson Reuters data shows.
“This will give us some peace and quiet to concentrate fully on implementing the future plans for TMG,” TMG Chief Executive Marc Vangeel said in a statement.
As part of the deal, TMG will sell its 23 percent stake in Talpa Radio Holding to Talpa, resulting in a book profit of more than 8 million euros.
“It is of strategic importance to have all the shares of the radio company in our possession, which is what we were aiming for,” Talpa Chief Executive Pim Schmitz said.
Mediahuis will pay 6 euros per share for the TMG stake. TMG shares closed at 5.66 euros on Friday.
Source: Reuters.com