PAI Partners in talks to buy Kaufman et Broad majority at 55 eur/shr - UPDATE |
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Thu, 17 May 2007 08:29
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(updates with more about Kaufman et Broad; recalling KB Home statement)PARIS (Thomson Financial) - French private equity group PAI Partners said it is in exclusive talks to buy a majority stake in Paris-listed housebuilder Kaufman et Broad SA at a price of 55 eur per share.The talks follow a firm offer made by PAI to US parent company KB Home and Guy Nafilyan, chairman of the French business, with a view to the acquisition of at least 50.01 pct of Kaufman et Broad's capital.If agreement is reached, PAI plans to make an offer to minority shareholders as soon as possible after the acquisition of a majority stake, it said.KB Home said last Friday that it had received an offer of 783.2 mln eur or 71.85 eur per share for its 49 pct stake in its affiliate.KB Home said it was evaluating the offer and was also looking at other strategic alternatives, including a public or private offering of its shares in the division or keeping the stake.Kaufman et Broad shares closed yesterday at 60.54 eur, valuing the company at 1.349 bln eur.In March, Kaufman et Broad announced first quarter net profit of 15.8 mln eur, up 11 pct from 11.1 mln a year earlier, matching a 10.1 pct rise in sales to 285.3 mln eur from 259.1 mln.Andrew.Newby@Thomson.comanCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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PAI Partners in talks to buy Kaufman et Broad majority stake at 55 eur/share 