Valcon wins VNU

The private equity consortium bidding for Netherlands-based media company VNU has declared victory after holders of 78.7% of its target’s shares committed to accept the deal. The move follows vocal critic Knight Vinke’s decision on May 19 to withdraw its opposition after the consortium increased its offer to €29.50 per ordinary VNU share.

Bid vehicle Valcon said it had waived its offer condition that it receive 80% acceptance of the €8.7bn deal.

Valcon is controlled by private equity firms AlpInvest Partners, Blackstone, Carlyle, Hellman & Friedman, Kohlberg Kravis Roberts and Thomas H Lee Partners.