United Internet (UDIRF.PK) increases its stake in Sedo to 96.05% and plans squeeze-out
Montabaur, October 2, 2013. United Internet today acquired the 4,461,379 shares in Sedo Holding AG [SDO:Xetra], Cologne, held by Sedo’s founders and raised its stake in the company to 96.05%. The shares in Sedo Holding AG were acquired by United Internet Ventures AG at a price of EUR 2.60 per share. United Internet aims to integrate the Affiliate Marketing and Domain Marketing business fields operated by Sedo Holding AG more closely into the strategic development of the United Internet Group. Against this backdrop, United Internet Ventures AG will initiate a squeeze-out process at Sedo Holding AG over the coming weeks in line with Secs. 327a ff. of German Stock Corporation Law (AktG), taking the company private.
About United Internet
With 12.70 million fee-based customer contracts and 31.03 million ad-financed free accounts, United Internet AG is Europe’s leading internet specialist. At the heart of United Internet is a high-performance “Internet Factory” with 6,490 employees, of which more than 1,850 are engaged in product management, development and data centers. In addition to the high sales strength of its established brands (1&1, GMX, WEB.DE, united-domains, Fasthosts, InterNetX, Sedo and affilinet), United Internet stands for outstanding operational excellence with around 44 million customer accounts worldwide.
“Squeeze Out” – from Wikipedia:
In Germany, a pool of shareholders owning at least 95% of a company’s shares has the right to “squeeze out” the remaining minority of shareholders by paying them an adequate compensation. This procedure is based on the Securities Acquisition and Takeover Act (ger, ’Wertpapiererwerbs- und Übernahmegesetz, WpÜG). An alternative procedure is governed by§§ 327a – 327f of the German Stock Corporation Act (ger. Aktiengesetz, AktG), valid since January 1.st 2002.
[via Press Release]
Disclaimer: DNN’s Frank Michlick is a consultant for Sedo for DomainCocoon.