VNU Shareholders urged to accept partial sell-off

by Joe Lepper, Brand Republic 10-Apr-06, 08:00

LONDON - A leading investor in Dutch media and research firm VNU is urging shareholders, who last month rejected a £5bn takeover, to back a 'plan b' involving a partial sale and relaunch under new management.

At a meeting of shareholders Eric Knight, managing director of investors Knight Vinke, has proposed an alternative plan that would involve a partial tender of 30%, which would allow shareholders that want to leave to do so and the others to stay.

According to the reports, this would onvolve the creation of a revamped and renamed firm, the sale of its magazine arm and restructuring of its main market research brand ACNielsen.

Last month, shareholders rejected the bid made by a buy-out team, including Alpinvest, Blackstone, Carlyle, KKR, Hellman & Feidman and Thomas Lee.

Knight says around 70% of VNU investors are opposed to the deal, which included a €28.75-a-share offer.

VNU's magazine portfolio includes US titles such as Hollywood Reporter and Billboard and the UK publications Personal Computer World and Computer Active.

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