| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: RETAILERS |
Dutch set to win QXL |
|
Thu 10 Mar 2005
|
LONDON (SHARECAST) - Dutch company Florissant has moved closer to taking over online auctioneer QXL Ricardo after buying off the rival bidders financial backers.
Florissant has agreed a £24m deal with Great Hill Equity Partners that will give the venture capital company a seat on its board and an option over 23% of the Dutch group.
In return, Great Hill has dropped financial backing for a management buyout firm called Tiger Acquisition, which has also bid for QXL.
The Dutch company has made an offer of £14 per share that has been recommended by QXL’s board.
Tiger’s offer is worth £10 per share and up to a further £10.50 depending on the outcome of the ongoing legal battle over the ownership of QXL’s Polish subsidiary.
Great Hill has agreed that it will use "reasonable endeavours" to ensure Tiger’s latest offer lapses. Florissant also said it will not raise its offer further.
|
|
| |
|
 |
Front Page Stories |
 |
|
