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General

KPN can punch in defense mecanism in case of hostile bid

Thursday 10 May 2012 | 16:06 CET | News
KPN has a defense mechanism in place in case America Movil tries a hostile takeover bid, Bloomberg reported. KPN's annual report notes the existence of an independent foundation, responsible for defending KPN "from influences that may threaten the continuity, independence and identity" of the company. If the foundation's board perceives a threat, it can invoke an option to acquire Class B preference stocks from KPN; these carry voting rights. KPN rejected America Movil's offer of EUR 8 per share to increase its stake to 30 percent and hired Goldmand Sachs and JP Morgan Chase & Co to explore

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Categories: General
Companies: America Movil / KPN
Countries: Netherlands
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