The De Nolf family, which already owns 72 percent of Roularta, has made an offer of 15.50 euros per share to take the Belgian media group private, ending its 27-year presence on the stock market. The offer is 25 percent higher than the company’s last closing price.
Through their investment vehicle Koinon, the family aims to acquire at least 95 percent of Roularta’s shares but may withdraw the offer if the Bel20 index drops by 15 percent or if events negatively impact the company’s EBITDA by 35 percent or more.
The bid values Roularta at 215 million euros, with Koinon allocating nearly 35 million euros to complete the buyout.
Roularta went public in 1998, using raised capital to acquire a stake in the VTM television network, which it later sold to DPG Media. CEO Xavier Bouckaert acknowledges that limited investor interest and low trading volume influenced the decision to delist.
Despite a 1 percent revenue decline in 2023, Roularta reported a 25 percent increase in EBITDA to 27 million euros and a 158 percent rise in net profit to 6.1 million euros. The company also holds a 70 million euros cash reserve, which will be used selectively for media acquisitions rather than dividends.
If successful, Roularta will join a growing list of Belgian family businesses that have exited the stock market, following similar moves by Duvel Moortgat, VPK Packaging, and Resilux.
