and three members of the Executive Board of SeLoger

Axel Springer persists. The German group filed yesterday with the Autorité des marchés financiers (AMF) its offer to purchase to acquire 100 of the capital of the real estate advertisements SeLoger site. The price remains the same as that announced three weeks ago, 34 euros action, price at which he had bought the shares of the founders of the site, 12.4 of the capital and valuing the company at 566 million.

"This offer represents an attractive valuation for SeLoger," says Ralph Büchi, Chairman of Axel Springer International, in a press release. 34 Euros per share price that we offer has been accepted by two members of the Supervisory Board of ... and three members of the Executive Board of SeLoger. These shareholders and leaders, with a thorough knowledge of both financial and commercial SeLoger situation. com and its prospects were therefore in an excellent position to take a decision based. "The offer will begin on October 22 and ends on November 25.

In the note to the MFA, Axel Springer briefly details her intentions. It renews its commitment to maintain the mark SeLoger, to develop the activities of the company and the synergies with its other subsidiaries, and said that a possible taken control would have no impact in terms of employment and management.

But the methods of the German group would begin to bother the management of the company, which has little tasted the announcement of the project in the wake of the publication of the half-year results on September 10, and some shareholders. First topic of controversy: the enhancement of the company, considered too low to the profitability of the company and its potential. A grievance comforted by upgrading the Leboncoin site. FR, bought the week last by one of the competitors of Springer, Norway's Schibsted, to 18 times its gross result of operations (Ebitda), when the offer of Springer presents a multiple (15 times Ebitda about) lower. The maintenance of the 34 euros offer is regarded by some as a desire to destabilize the company, while several shareholders have indicated that they were not sellers at this price. As soon as the announcement of the project group Arnault (holding company of Bernard Arnault, owner of the "Echos" via LVMH) had opposed to Springer one end of estoppel, and several investment funds located among the early shareholders refuse, they also offer. Finally, the fact that Springer proposal is not subject to a clause of majority would be lived as a lack of clarity in the industrial project.

Yesterday, analysts maintained their position and felt that the offer of the German group remained insufficient. UBS has even identified its objective of course of 35 to 40 euros and revised upward its growth forecasts for SeLoger. For the broker, the penetration rate of the site with real estate agencies can be 78 in 2014 (against an estimate of 75 previously, and then it is now 60) and revenue per customer could increase by more than 6 in this horizon. Trends that might bring SeLoger in the profitability of its British competitor Rightmove.

The suspended courses

The scenario of a counter-offer is always possible. Among the possible candidates, tracks media groups, Rightmove and already present investment fund to the capital have been advanced these days. Yesterday, the course of the action of SeLoger has been suspended at the request of the MFA. The day before, the title had retreated 37,53 Euro 0.37.