CM.com rejects Bird's acquisition offer; Sees “no merit” in selling the company
CM.com has rejected an offer by Bird to acquire the chat messaging and payment service provider for €165.8 million. CM.com’s management and supervisory boards “see no merits in engaging on the proposal,” the Breda-based company said in a statement on Friday.
According to CM.com, Bird’s offer does not provide tangible or material long-term value in the interests of their clients, employees, and shareholders. The amount offered also does not reflect “the current and future value of CM.com,” the company said. The boards unanimously decided to reject the offer.
“While we acknowledge the interest expressed by Bird and appreciate the recognition of our business and growth strategy, we remain confident in our ability to deliver on this strategy and realize superior value for all our stakeholders,” CM.com CEO Jeroen van Glabbeek said.
Supervisory board chair Jacque van den Broek added that the “unsolicited” offer “does not contribute to the sustainable success of the business.” CM.com will continue to focus on its existing strategy.
Bird already holds just over 5 percent of CM.com shares. When announcing the acquisition bid earlier this week, Bird CEO Robert Vis described the two companies as "two Dutch leaders" in innovation who can create a "European champion" in providing AI-powered customer services by working together, according to a statement.
The statement came as a bit of a surprise given that, in February, Vis announced plans to pull out of the Netherlands and shutter nearly all of its European offices. The Bird CEO told Reuters that Europe “lacks the environment we need to innovate in an AI-first era of technology.”
