Yesterday, the international media company Bertelsmann has announced the launch after market close of an (21,28 CHF, 0,28%) offering to institutional investors of up to 2.0m ordinary shares of RTL Group.
The offer comprises the shares of the over-allotment option (greenshoe), which were not exercised during the placement of shares of RTL Group on behalf of Bertelsmann in April 2013. The offered shares correspond to approximately 1.3% of RTL Group’s share capital.
Our view & Conclusion:
As announced earlier during the secondary offering in April 2013, Bertelsmann will continue to hold 75.1% of RTL Group’s ordinary shares and will remain the majority shareholder of RTL Group following the placement. We stick to Accumulate and our € 80 target price.