The Dutch incumbent KPN has rejected two unrelated and unsolicited takeover bids, concluding that they failed to “provide tangible and material added value” over its recent updated growth strategy.
In a statement, it says that the first high level approach was by EQT/Stonepeak, which did not include an offer price, and the second by KKR. KPN adds: “In line with their fiduciary duties the Board of Management and the Supervisory Board of KPN (the Boards), supported by their financial and legal advisors, reviewed the approaches which EQT/Stonepeak and KKR recently and separately made. In particular, the Boards 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 says that there have been no discussion or negotiations with EQT/Stonepeak or KKR.