Against a backdrop of declining sales, the Koinon family investment group, already the majority shareholder in Roularta Media Group (RMG) with a 72% stake, is launching a conditional takeover bid for the remaining shares in the company. If successful, this takeover bid would mean the delisting of the Belgian media group with 1,000 employees, after 27 years on the stock exchange.
Koinon's investment in RMG is part of a consolidation strategy. Owned by the De Nolf family, the holding company is offering 15.50 euros per share, a cash offer at a 24.5% premium to the last closing price on March 13, 2025. The aim of the operation is to hold at least 95% of the shares, the threshold required for a simplified takeover bid.
An exit after 27 years on the stock market
This announcement follows the publication of FY 2024, which saw a 1.0% year-on-year decline in sales to 320.3 million euros.
This decline was mainly due to a 13% contraction in Printing Services revenues, which now stand at 63.3 million euros. Advertising sales were also down. However, the subscription and reader sales market grew (thanks in particular to digital), partially mitigating these losses.
Group EBITDA reached ?27.1 million (8.4% of sales), with EBIT of ?3.6 million and net income of ?6.1 million. In response to these results, the Board of Directors proposes not to pay a dividend in 2024.
Despite this drop in sales, RMG remains a key player in the media and printing sector in Belgium and the Netherlands. Its offset printing plant, Roularta Printing, located in Roeselare, Belgium, serves the largest press groups in the Benelux. It also has a strong digital presence.
Board of Directors approves takeover bid
The takeover bid is supported by the family shareholder West Investment Holding, which has undertaken to tender its 522,136 shares, representing 3.75% of the share capital. In addition, an independent expert, appointed by RMG's directors, has been appointed to assess the terms of the offer. Subject to validation of the final prospectus, RMG's Board of Directors has already expressed its support for the operation.
If the bid is successful, RMG will enter a new era with no obligations to public shareholders.
