-SeLoger.com takes precautions against hostile takeover

Internet Business News
01-05-2011
-SeLoger.com takes precautions against hostile takeover

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

5 January 2011 - French real estate ads specialist SeLoger.com (EPA:SLG), threatened by a hostile takeover, said yesterday that its shareholders will be invited on 20 January 2011 to vote on limiting the voting rights to 15% for investors which own up to 50% in the company's capital.
However, this provision will be waived in case any shareholder comes to hold at least 50.01% of the share capital or voting rights of SeLoger.com following a successful public tender offer.

According to most analysts, with the current move SeLoger.com wants to defend itself from a hostile bid on behalf of German publisher Axel Springer (SPR:ETR). Previously, the German company offered to pay EUR556m (USD738m) for SeLoger.com.

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