Consortium to make lower offer for Vendex

In conjunction with Vendex itself, the consortium of investment funds that wants to acquire the Dutch retailer Vendex has announced the intention of making a public offer for the buy-back of all outstanding ordinary shares in mid-May. According to a recent announcement, a price of € 15.40 per ordinary share will be offered, not € 16.00 as originally proposed. This lower price is a reflection of the challenging retail environment and the general market outlook. It still represents a 35 per cent premium to the closing share price of € 11.41 on 5 February 2004. The Vendex supervisory and management boards both support the intended offer. The consortium consists of Kohlberg Kravis Roberts & Co., Change Capital Partners and Alp-Invest Partners. The offer is being handled by a joint holding company, VDXK Acquisition B.V..