Yellow pages Group sale discontinued

Yellow pages Group sale discontinued


It was announced at a meeting today that owners of the Yellow Pages
Group®, bought through a leveraged buyout by Hong Kong-based Unitas
Capital, formerly CCMP Capital Asia, and Canada’s Ontario Teachers’
Pension Plan, for NZ$2.24 billion in March 2007, have discontinued the
process to consider offers to purchase the company.

Whilst there were a range of interested parties, the Yellow Pages Group®
shareholders, in conjunction with the banking syndicate, have come to the
view that they won’t be pursued any further at this time.

A statement issued by the company today said that the current economic
climate is not well suited to large scale merger and acquisition activity and
that as a result the expectations of the stakeholders in regard to value are
unlikely to be met in the current market.

The banking syndicate will now look to complete its already advanced
plans to restructure the debt and intend to take a long term view as
owners of the business.

Yellow®’s CEO, Bruce Cotterill, said it was good to have some clarity after
the uncertainty associated with the sale process and the related media
speculation.

“The banking syndicate has been working hard to achieve an outcome
that will take Yellow® into the future. We look forward to working with
them to finalise the debt restructure and move forward.

“There are a number of extremely positive initiatives being developed
within the company at present, which will ensure our success in the next
few years. We are fortunate to have had a very supportive relationship
with our banking syndicate who have enabled that to happen.”

ENDS

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