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The offer on the French owner Reworld on Tradedoubler is strongly criticized against a proprietor with 2% of the company, which believes that Tradedoubler is clearly on the right track and that several other parties interested in the application should be able to convene.
Tradedoublers main owner, French Reworld offers SEK 3.17 per company share, which represents a 27.6% reduction over Wednesday's closing price of SEK 4.38.
"It's a very goodbye, totally scandalous from an insider, who understands perfectly the good behavior of Tradedoubler," said Richard Hellekant, who holds nearly a million shares and therefore a little more than 2% of the affiliate.
"Performance-based marketing is now a well-established advertising channel that is growing by 5 to 10%, and Tradedoubler is showing today's report sales growth for the first time in three years." on the right track after a difficult period, "he said. more and why he will certainly not sell at 3.17.
Continues the growth rate According to Richard Hellekant, who bought shares privately this summer and Wednesday, he operates the company PSG in Stockholm, the operation should be evaluated at about 10 SEK.
He mentions an abundant list of customers from Microsoft, HP, Philips, Newspaper, Budget and Hilton as well as several acquisitions in the affiliates sector as an argument for action.
"The market has matured and almost all major advertisers are now using performance-based affiliate marketing, Tradedoubler's mistakes were too many in the past with the wrong type of accounts: many small customers who did not generate such accounts but they used huge internal resources The claims They have now rotated and streamlined, for example from more than 400 to nearly 250 employees, while several new large accounts have been introduced, "explains L & # 39; investor.
He also emphasizes that the risk of a new issue of shares, like the heavy Tradedoubler action since last spring, was eliminated as of Thursday's quarterly report, announcing the decision to blow up a group.
Richard Hellekant points out to Tradedoubler's two independent directors that most are dressed in French representing Reworld. The question is whether probations among alternative buyers have occurred or are planned.
"There are a multitude of highly capitalist competitors with interests in the sector," said Richard Hellekant, quoting German Axel Springer, owner of Tradedoubler Competition Awin, as well as the US Alliance Data-Propried Commission Junction. , as potential actors.
The idea of being giant Richard Hellekant believes that Google and Facebook control the entire advertising market on the Internet, referring in part to the growth and interest generated by this type of company, as well as independent market reports he had seen before its investment in Tradedoubler.
In this context, he emphasizes that the value of the offer represents only 5 to 6 times the operating profit before depreciation and amortization over twelve months, a gross margin of more than 22% and the best four-year operating margin.
The Tradedoubler stock lost 18% at 3.60 kronor, just over 13% above the bid price after trading for one hour on Thursday.
You searched The two independent members of Tradedoubler's board of directors, who also act as contact person of the bid committee, on the basis of an evaluation report of Stockholm Corporate Finance, recommend to the shareholders to accept the offer of comments submitted by France.
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