Adevinta says independent committee ‘actively engaging in the proposal’

Adevinta ASA refers to the stock exchange announcement on September 21 regarding receipt of a non-binding indicative proposal from a consortium led by Permira and Blackstone (BX), with involvement of the company’s two main shareholders, regarding a potential offer for all shares of the company. “In response to shareholder enquiries, the company wants to communicate the procedures it is following in response to the proposal. Immediately upon receipt of the proposal, the company’s board of directors established a special committee comprising the five independent directors on the company’s board. The special committee is representing the company in all aspects relating to the proposal. The directors who are representatives of the three main shareholders of the company are not involved in the company’s deliberations and decisions. The independent committee is actively engaging in the proposal in line with applicable regulations and corporate governance principles. Citigroup Global Markets Europe AG and JPMorgan Securities Plc have been engaged as financial advisers, and BAHR, Cleary Gottlieb and Skadden as legal advisers. The advisers are acting exclusively under the instructions of the special committee. Any further announcement relating to the proposal will be made as and when appropriate in compliance with applicable laws and regulations,” the company stated. On September 21, eBay (EBAY) said it is aware of the statement released by Adevinta regarding receipt of a non-binding indicative proposal for all the shares of Adevinta and “expressed support for this proposal, under which eBay would retain part of its current shareholding in the company.”