BRUSSELS — Major Belgium TV and newspaper player Concentra offered shareholders e87 million ($109 million) to sell their stakes as part of a management buyout on Friday.
The move to grab the outstanding 38% of shares is an attempt to revert to privately held status, so the company can focus on its media business.
Cooperation is being bought at a cost. Investors have been offered an 11.5% premium on the market price of the shares as it stood at the end of trading Jan. 23.
“We intend to hold an extraordinary shareholders’ meeting at the beginning of March, after which the public bid will be launched,” declared CEO Willy Lenaers.