TIDMSTPS 
 
RNS Number : 3573C 
StepStone ASA 
11 November 2009 
 

StepStone ASA - Compulsory acquisition of shares by Axel Springer AG 
 
 
11 November 2009 - The following announcement was released by Axel Springer AG 
via the Oslo Børs news service this morning, resulting in the further 
announcement below from Oslo Børs. StepStone is in contact with the UKLA through 
its advisers and it is expected that suspension of trading in StepStone 
Depositary Interest in London will follow in due course. 
 
 
"08:22 - Compulsory acquisition of shares 
 
 
Axel Springer AG ("Axel Springer") resolved on 10 November 2009 to carry out a 
compulsory acquisition of all shares in StepStone ASA ("StepStone") owned by 
other shareholders than Axel Springer. Axel Springer has as a consequence of 
this assumed ownership to all shares in StepStone. The offered redemption price 
is NOK 9.00 per share, which equals the offer price in the mandatory offer. 
 
 
Prior to the compulsory acquisition, Axel Springer held 116,592,294 StepStone 
shares, representing approximately 90.34 per cent of the shares and votes in 
StepStone. Below is a brief summary of the StepStone shares purchased by Axel 
Springer: 
 
 
·    On 10 December 2008, Axel Springer announced that it had acquired 33.32 per 
cent of the shares and votes in StepStone. 
 
 
·    On 2 September 2009, Axel Springer acquired 24,879,998 additional shares in 
StepStone triggering an obligation to launch a mandatory offer. Following these 
transactions, the Axel Springer held shares and votes representing 52.27 per 
cent of the shares and votes in StepStone. 
 
 
·    Subsequently, and prior to the making of the mandatory offer, Axel Springer 
acquired 640,998 further StepStone shares, resulting in Axel Springer owning 
52.77 per cent of the shares and votes in StepStone. 
 
 
·    On 11 September 2009, Axel Springer launched the mandatory offer. The offer 
price were initially set to NOK 8.60 per share, but was during the acceptance 
period increased to NOK 9.00 per share. 
 
 
The acceptance period expired on 23 October 2009. 
 
 
Under the mandatory offer, Axel Springer acquired StepStone shares representing 
35.02 per cent of the shares and votes in StepStone, leading Axel Springer to an 
ownership percentage of approximately 87.80 upon completion of the mandatory 
offer. 
 
 
·    In the period from 26 October 2009 until 10 November 2009, Axel Springer 
acquired 3,421,500 additional shares in StepStone at an average price of NOK 
8.99 per share. 
 
 
The board of directors of Axel Springer has resolved to carry out a compulsory 
acquisition of all shares in StepStone not owned by Axel Springer, pursuant to 
the Norwegian Public Limited Liability Companies Act section 4-25. Axel Springer 
has as a consequence of this assumed ownership of all shares in StepStone. 
 
 
The offered redemption price is NOK 9.00 per StepStone share. NOK 9.00 is the 
highest price Axel Springer has paid for shares in StepStone. The offered 
redemption price is equal to the offer price of the mandatory offer. The 
aggregate redemption amount is deposited on a designated bank account with DnB 
NOR Bank ASA in accordance with the Norwegian Public Limited Liability Companies 
Act section 4-25 (5). 
 
 
Any objections to, or rejections of, the offered redemption price must be 
presented within 15 January 2010. Former StepStone shareholders that do not 
object to, or reject, the offered redemption price within this deadline will 
loose their right to object to, or reject, the offered redemption price and are 
deemed to have accepted the offered redemption price. 
 
 
Former StepStone shareholders that accept the offered redemption price within 1 
December 2009 will receive payment of NOK 9.00 per share within 8 December 2009. 
 
 
Former shareholders, who do not accept the offered redemption amount within 1 
December 2009, will receive settlement of NOK 9.00 per share within 22 January 
2010. 
 
 
A letter regarding the compulsory acquisition will be sent to all former 
shareholders whose addresses are known. In addition, the compulsory acquisition 
will be announced in the Brønnøysund Register Center's electronic bulletin for 
public announcements and in the Norwegian newspaper Aftenposten. 
 
 
11 November 2009 
Axel Springer AG" 
 
 
 
 
This announcement was followed by the following announcement from Oslo Børs: 
 
 
"08:58 - OSLO BØRS - SPECIAL OBSERVATION 
 
 
Oslo Børs has decided to place the shares of STP under special observation on 
the basis of the expected compulsory redemption of the company's shares and 
subsequent cancellation of their listing. 
 
 
The technical status in the Trading System is "trading halt" and all the orders 
have been withdrawn. This has been done to avoid incorrect registration of 
orders and trades in a situation where the company will no longer have any 
shares outstanding for trading. If a notification requirement for a member 
appears, Oslo Børs must be contacted for advice." 
 
 
 
 
 
 
Contact for further information 
 
 
Contact : Ian Cole, CFO, 
Tel : + 44 7808 946404 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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