From: David Stern al===>
To: Jeffrey Epstein <jeevacation@gmail.com>
Subject:
Date: Sun, 05 Sep 2010 15:20:06 +0000
For the CT deal I just sent I have the additional info:
The key points:
Opportunity to acquire market leader in European publishing through MBO at
attractive valuation given the non-core nature of the asset to the parent company
Healthy and resilient cash flows thanks to high proportion of subscription
revenues
Current minority shareholder wants to remain invested; opportunity to step into
extraordinary minority protection rights resulting in an exclusive sale process until
completion
Preliminary discussion with management and current minority shareholder have taken
place and preliminary financing structure has been discussed, but nothing is cast in stone,
flexibility exists on how the transaction is financed
Brilliant management team but under previous ownership focus was not on cost
cutting (as a typical German company); therefore more aggressive financial discipline is
possible and would lead to higher cash flow generation to compensate for revenue decline
EFTA00757384