Adevinta Committee to Analyse Takeover Bid

Adevinta's board has established a special committee of five independent directors to analyse a takeover bid it received in September.

The committee will represent Adevinta in all aspects relating to the proposal submitted by a consortium led by major shareholders Permira and Blackstone—whose board representatives will not be involved.

Meanwhile, Citigroup Global Markets Europe AG and JPMorgan Securities Plc have been engaged as financial advisers, while BAHR, Cleary Gottlieb and Skadden are acting as legal advisors.

A stock exchange update says that "the independent committee is actively engaging in the proposal in line with applicable regulations and corporate governance principles."

The non-binding offer is for circa $4.2Bn and the company is in no rush to make an official decision.

But two minor shareholders have already spoken out against other, bigger shareholders for their supposed willingness to accept the takeover bid, which they say will limit the selling price if a deal does go through.