Axel Springer AG, Europe’s largest newspaper publisher, said it will start a 495.7 million-euro ($629 million) public offer to buy all the outstanding shares of SeLoger.com.
The offer for the 14.6 million outstanding shares is priced at 34 euros a share, Berlin-based Axel Springer said in a statement. The move follows an agreement for Axel Springer to buy 2.1 million SeLoger shares at 34 euros a share.
Paris-based real-estate website operator SeLoger.com yesterday reported first-half net income of 10.4 million euros compared to 8.7 million euros a year earlier.
Shares in SeLoger.com closed up 3.5 percent to 30 euros and Axel Springer fell 1.5 percent to 93.6 euros.