GONE SHOPPING: French media group Lagardère said today it was raising its takeover offer for French online shopping guide LeGuide.com to 28 euros, or $34.82 at current exchange, from 24 euros, or $31.68, a share previously. The bid represents a 53 percent premium to LeGuide.com’s three-month trading average.
The group said the new offer took into account information published by LeGuide.com after Lagardère initially announced its cash offer for the firm on May 7. The board of LeGuide.com advised shareholders to reject the initial offer. The new offer will be open from June 6 to 12.
“It completely reflects the company’s fair value and its growth prospects and margins together with the potential development of its audience,” Lagardère stated.
“It offers the shareholders of LeGuide.com the opportunity to cash in the value of their investment at very attractive financial conditions and provides them with immediate liquidity in a market environment which has deteriorated significantly and still has little visibility,” it added.