Dutch operator KPN said it has rejected two unsolicited takeover offers for the company. These were from a consortium of investment firms EQT and Stonepeak and from the private equity group KKR. KPN said neither provided "tangible and material added value" compared to the operator's recently updated growth strategy.
The statement follows a report in the Financial Times that EQT/Stonepeak were offering around EUR 18 billion for the Dutch company. KPN said no price had been mentioned in the offer.
This is not the first time EQT's name has come up. A report a month ago said the company was considering a bid of over EUR 3 per share for KPN. EQT was named in October 2020 already as an interested bidder.
KPN said its management and supervisory boards considered the offers, along with their financial advisers. They "carefully considered whether the two approaches were in the best interest of KPN compared with KPN’s successful existing strategy for sustainable success and long-term value creation of the business, taking into account the interests of its shareholders and all its stakeholders, including customers, employees, creditors and bondholders, suppliers, business partners, government and Dutch society at large", KPN said in a statement.
The conclusion was to reject both unsolicited approaches, "as they did not provide tangible and material added value to KPN’s widely supported new strategy". No negotiations or discussions were held with EQT/Stonepeak or KKR, the company added.
