VERAISON supports Kuoni’s Board of Directors in its decision to accept the takeover offer by EQT. VERAISON has therefore decided to sell its stake in Kuoni or tender its shares to the buyer, as we believe the offered price reflects the intrinsic value of the company and thus appears fair.
Last year, VERAISON acquired a stake of more than 3% in Kuoni with the intention to remain a long-term and committed shareholder and to take on responsibility and actively assist the Board in the development of the Group. A significant part of our value enhancement agenda has since been implemented or addressed. We understand that the Board of Directors has come to the conclusion that a further development of Kuoni’s individual businesses cannot be optimally implemented with the Group’s current capital structure. Given the strategic, operational and financial performance of Kuoni in the past months and years, we believe this decision is regrettable but understandable.