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CM.com from Breda rejects the unsolicited takeover bid from Bird. The company wants to execute its growth plans independently and believes the valuation is too low.
The Brabanders therefore do not wish to enter into talks with Bird to address any potential issues.
The Executive Board and the Supervisory Board conclude that joining Bird’s group “offers no tangible or material long-term value in the interests of our customers, employees or shareholders”. Moreover, management states that the €166 million offer “does not reflect the current or future value of CM.com”.
CEO Jeroen van Glabbeek said in a press release this morning: “We are following a clear path to profitable growth, as outlined during our Capital Markets Day in May of this year. While we acknowledge the interest shown by Bird and appreciate their recognition of our company and our growth strategy, we remain confident in our ability to execute this strategy and deliver superior value for all our stakeholders.”
The share price of CM.com has risen by more than fifteen percent to five euros since Bird’s bid.
Photo: by Deva Darshan / Unsplash
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