VNU, which owns market research giant AC Nielsen and Nielsen//NetRatings, agreed to the €28.75 a share offer on Tuesday night from a six-strong consortium including the Blackstone Group, Hellman & Friedman and Kohlberg Kravis Roberts. The approach was made on Wednesday and VNU and it had been confident of getting a deal done before investors poured cold water on any moves.
Fund manager Fidelity, which owns 15% of VNU, was one of those not to support the deal although it gave no reason why. Any deal going ahead needs approval from 95% of its shareholders.
The Netherlands-based group received a takeover offer last November from private equity firms reported to include Kohlberg Kravis Roberts & Co and Blackstone. An approach had earlier been made in March, but this was unsuccessful.
Rob van den Bergh, outgoing CEO, said: "We would have liked to stay independent but sometimes life goes a little different. I think we got a good price, but the shareholders have the last word."
It was also being reported by the Financial Times that VNU shareholder Knight Vinke Asset Management was "actively looking" for a chief executive to run the Dutch business information group after rejecting the management-approved cash bid for the company.
Eric Knight, Knight Vinke chairman, the Financial Times reported that "there are serious and very credible parties interested" in taking over at VNU.
Knight, who was one of the investors to reject the takeover bid, told the FT: "The message that has been lost during this entire discussion is that we are not rejecting the price per se, but the process, which does not given us any confidence. There is no benchmark against which we can judge the offer."
The search is said to be focused on US nationals or candidates with US experience because of VNU's deep roots in the US market, with its ownership of research giant AC Nielsen and its magazine portfolio that includes titles such as Hollywood Reporter and Billboard.
In the UK, VNU owns magazine brands such as Personal Computer World and Computer Active.
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