KPN rejects bids

Dutch telco KPN has said it has rejected two bids to acquire the company on the grounds that they failed to offer an additional value over the company’s own growth strategy.

KPN said that its boards concluded that both approaches fail to provide tangible and material added value over KPN’s recently updated growth strategy

KPN rejected an unsolicited high level approach by EQT/Stonepeak for a takeover of the company. Its aid that the EQT/Stonepeak proposition, which had been reported in the media, did not include an offer price.

KPN said it also recently rejected an unsolicited approach for a takeover by KKR.

The telco said that its Board of Management and Supervisory Board, supported by financial and legal advisors, reviewed the approaches and considered whether they were in the best interest of the company compared with its “successful existing strategy for sustainable success and long-term value creation of the business”.

The boards then rejected both unsolicited approaches and stated that there have been and are no discussions or negotiations ongoing with EQT/Stonepeak or KKR.

The telco said it was fully focused on the execution of its recently updated strategy ‘Accelerate to grow’.