February 3, 2017 / 3:31 PM / 8 months ago

GfK shares hold ground above offer price as Dell takes stake

FILE PHOTO: Michael Dell delivers his keynote speech at the All Things Oracle OpenWorld Summit in San Francisco, California September 25, 2013. REUTERS/Jana Asenbrennerova

FRANKFURT (Reuters) - Investors in KKR (KKR.N) target GfK GFKG.DE continued to hold out for a higher price a week before the offer period ends, as personal computer firm founder Michael Dell disclosed a 6.45 percent stake via a special situations fund.

Shares in the German market-research firm traded barely changed at 43.90 euros on Friday afternoon, above the offer price of 43.50 euros from Kohlberg Kravis Roberts.

The offer values the research firm, whose majority shareholder GfK Verein will hold on to its 56.46 percent stake, at around 1.59 billion euros ($1.71 billion).

KKR has said the offer is conditional on holders of at least 18.54 percent of GfK shares accepting the offer, which puts KKR’s minimum investment at 293 million euros.

GfK declined to comment. A person close to KKR said the firms was on alert but not yet worried.

Dell’s MSD Capital fund manages more than $12 billion in assets, the company says on its website, which lists merger arbitrage as one of its investment strategies.

The period to tender GfK shares ends on Feb. 10 at 2300 GMT.

($1 = 0.9282 euros)

Reporting by Harro ten Wolde and Alexander Huebner; Editing by Georgina Prodhan

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