Den Haag, 20-6-12
Royal KPN N.V. ("KPN") announced in its press release of 8 May 2012 that it would explore all strategic options in the best interests of all shareholders (including the non-tendering shareholders) and other stakeholders, following the announcement by América Móvil of its intention to make an unsolicited partial offer for a number of ordinary shares that will represent no more than 28% of the issued and outstanding shares. Subsequently, in the press release of 1 June 2012, KPN announced a review of strategic options for E-Plus to unlock value embedded in the German business.
As part of that review, the Board of Management has explored multiple options with different parties to unlock superior value. Specifically, one of these options has been analyzed in-depth providing KPN with additional insights into the potential significant synergy value which can be created through in-country consolidation in Germany. However, the current adverse conditions in financial markets have meant that no agreement could be reached at this point in time, and talks have been terminated.
Today, KPN has an even stronger belief that there is significant value embedded in the German market, and is convinced that other parties share this view. KPN maintains the view that the partial offer by América Móvil significantly undervalues KPN and does not offer an appropriate premium on all outstanding ordinary shares for gaining significant influence. KPN continues to recommend that its shareholders take no action and will publish its Position Statement in respect of América Móvil's unsolicited partial offer tomorrow, Thursday 21 June 2012.
This is an announcement in accordance with section 5:25i paragraph 2 of the Dutch Financial Supervision Act (Wet op het financieel toezicht).