Revised Non-Binding Offer For Digiturk


Our affiliated partner Doğan TV Holding A.Ş. has conveyed its nonbinding revised offer by offering the quote price for its shares representing 53% of the capital of Digiturk.

Our affiliated partner Doğan TV Holding A.Ş. (Doğan TV) has conveyed through its revised nonbinding offer through its financial consultants, for the purpose of buying and taking over the 53% shares of Krea İçerik Hizmetleri ve Prodüksiyon A.Ş. (Digitürk) which belongs to Çukurova Holding A.Ş., by increasing the quote rice to Çukurova Holding A.Ş. and Savings Deposit Insurance Fund under the assumptions that Digitürk’s net cash (debt) level is “zero”, and that there are no privileged shares.

Such revised non-binding offer is USD 879,450,000 (eight hundred and seventy nine million four hundred and fifty thousand) for 53% shares. Such revised non-binding offer corresponds to USD 1,650,000,000 (one billion six hundred and fifty million) for 100% shares of Digitürk. The mentioned offer corresponds to an increase of 18% on a US Dollar basis as per the “Preliminary Offer” of Doğan TV on September 2013, and an increase of 29% on a Turkish Lira basis as per the exchange rates of the relevant dates. [FX Rates: 2 September 2013: TL 2.0179 = USD 1 and 16 January 2014: TL 2.2080 = USD 1]

On the other hand, Doğan TV targets to be able to increase its shares in Digitürk to 100%.

This revised non-binding offer has been prepared in line with the limited documents shares in publicly open resources on Digitürk's activities, and in line with market intelligence, and reflects Doğan TV's long term expectations about Digiturk, and its belief in its synergy potential. Within this scope, the revised non-binding offer is based on important assumptions which need to be confirmed at the Due Diligence stage.

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