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Parken Sport & Entertainment ‘is subject of takeover approach’
Posted on Tuesday, 08 January 2019 13:47
Danish sport and entertainment events arranger Parken Sport & Entertainment is being circled by a group of investors who are considering bidding to acquire the firm, according to Inside Business.
Berlingske picked up on an article by the publication, which stated that an offer is expected to be made later this week.
Although no concrete terms have been officially announced as yet, the report suggested the acquirors could pay between DKK 105.00 and DKK 120.00 (EUR 14.06 and EUR 16.07) for the business.
Under these terms, a purchase could be valued at between DKK 1.00 billion and DKK 1.20 billion and would represent a premium of between 27.4 per cent and 45.6 per cent to Parken’s close of 82.40 on 7th January, the last trading day prior to the report.
Inside Business reported that US investment fund Fortress and London-headquartered Redstone Advisors are among the parties which are part of the group of bidders.
The publication added that, if a deal is successful, the new owners would be likely to offload assets including the Lalandia water park and office properties in Østerbro with a view to focusing their efforts on the FC Copenhagen football club and the Parken Stadium.
For its part, Parken has issued a statement saying that it has not held any discussions over a potential acquisition of the business.
However, LD Fonde, which is the group’s largest shareholder with a 29.0 per cent stake, told Borsen that it was currently in negotiations with Redstone, Reuters noted.
FC Copenhagen are the most successful club in the history of Danish football, having won 12 Danish Football Championships and eight Danish cups since being founded in 1992 through the merger of Kjøbenhavns Boldklub and Boldklubben 1903.
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