The Board of SeLoger.com fears the dominating influence of Axel Springer as 12% minority shareholder considering that his current public offer at € 34 per share is not enough. The Board suggests and we share its view, that the value of the company is much higher and that it would not be appropriate that any minority shareholder pretends as does Axel Springer become the operating shareholder.
Actually, reacting to this prectectionnist resolution from the Board requesting a better price or a more agressive purchase campaign, Axel Springer made the fist use ever in France of the introduction of two non-voting items for this EGM.
We oppose however the idea of a voting cap for this proposal does not fulfill the French ASFFI Governance principles nor the generally accepted international good practice governance recommendations. We consider that only active voting involvement can oppose the abuse of any majority or minority shareholder and that in any case a shareholder under 50% remain exposed to any hostile tender offer.