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KKR's offer for Axel Springer crosses minimum acceptance threshold

KKR & Co. Inc. is close to completing its buyout of minorities in German media and technology company Axel Springer SE after exceeding the minimum offer acceptance threshold of 20%.

Axel Springer shareholders who did not tender by the Aug. 2 deadline can still accept the offer during the mandatory additional acceptance period, which will run for 14 days and begin after the offer results are announced.

The offer's results are expected to be published Aug. 7, the companies said.

Investment firm KKR, through holding company Traviata II SARL, offered to purchase 54.6% of Axel Springer's share capital at €63 per share. It will team up with Axel Springer CEO Mathias Döpfner and Friede Springer, wife of Axel Springer's founder and namesake, to take the company private. Döpfner and Friede Springer together own about 45.4% of Axel Springer's share capital.

The deal remains subject to several merger control, foreign investment and media concentration clearances.