De Mol loses Endemol takeover bid
John de Mol, cofounder of Endemol TV productions, lost the battle to gain the majority in the ownership of the world's largest independent production company. Apollo, an American Investment Company gained the majority of the shares by striking a deal with the creditors, reported the Financieele Dagblad. John De Mol and Joop van den Ende founded Endemol in 1994.
De Mol was interested in acquiring a majority of the shares and link the TV productions company to his Talpa, but withdrew when share prices were forced up, according to the Financieele Dagblad. The cofounder may decide to sell his 25 percent of the shares to Apollo as well, according to the newspaper. In 2011 Apollo was able to purchase part of the billions in debt the company acquired after its sale in 2007, for an advantageous price, getting its foot in the door. By striking deals with other creditors, such as Royal Bank of Scotland and Goldman Sachs, the investment company now managed to acquire two thirds of the debt. This enables Apollo to demand the debts are cashed in for shares, according to the newspaper. None of the parties were available for comments. It is unclear what Apollo, who also owns Core Media, the maker of "So You Think You Can Dance," intends to do with its newest acquisition.
