Bird responds to CM.com statement
Bird
7 Nov 2025
Press release
1 min read
PRESS RELEASE - 7 NOVEMBER 2025
This is a press release by Bird Holding B.V. ("Bird") pursuant to section 4 paragraph 3 of the Dutch Decree on Public Takeover Bids (Besluit Openbare Biedingen Wft) in connection with a potential voluntary public offer by Bird for all issued and outstanding ordinary shares in the capital of CM.com N.V. ("CM.com" or the "Company"). This press release does not constitute an offer or any solicitation of any offer, to buy or subscribe for any securities in the Company. Any offer will be made only by means of an offer memorandum (the "Offer Memorandum") approved by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the "AFM") and subject to the restrictions set forth therein. This press release is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication or distribution would be unlawful, including the United States.
Bird responds to CM.com statement
Amsterdam, the Netherlands, 7 November 2025 – Bird acknowledges CM.com's response to the announcement of our intention to make an all-cash offer of EUR 5.16 (cum dividend) per share for all issued and outstanding ordinary shares of CM.com (the Offer Price).
The Offer Price represents full and fair value based on CM.com's normalized free cash flow of EUR 3-4 million and sector peer valuations. At EUR 5.16, we are paying approximately 11-12× EV/EBITDA and 55-65× EV/FCF, compared to sector peers, with significantly stronger cash conversion, trading at 9-11× EBITDA and 15-20× FCF. The Offer Price represents a 20% premium over the closing price of 4 November 2025 and a 32% premium to CM.com's EUR 3.90 share price on 18 October 2025.
The combination delivers value for all stakeholders: immediate certainty for shareholders, access to Bird's global infrastructure for customers, and a profitable, growing platform for employees.
We remain open to a professional and constructive dialogue with CM.com's management board and supervisory board.
As of 6 November 2025, Bird holds 1,732,444 ordinary shares in CM.com, representing 5.39% of CM.com's ordinary share capital.
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About Bird
Bird is a leading global software company that provides a platform that unifies customer data, automates personalized campaigns, and delivers AI-powered customer lifecycle management that drives real revenue growth. Built on our proprietary global infrastructure, Bird serves approximately 50,000 customers worldwide, and processes nearly 500 billion messages annually across email, SMS, WhatsApp, voice, and other channels. The company is headquartered in Amsterdam, the Netherlands.
General restrictions
The information in this press release is not intended to be complete. This press release is for information purposes only and does not constitute an offer or an invitation to acquire or dispose of any securities or investment advice or an inducement to enter into investment activity. This press release does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire the securities of the Company in any jurisdiction. The distribution of this press release may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, Bird disclaims any responsibility or liability for the violation of any such restrictions by any person. Any failure to comply with these restrictions may constitute a violation of the securities laws of that jurisdiction. Neither Bird nor any of its advisors assume any responsibility for any violation by any person of any of these restrictions. Actual or potential investors in any doubt as to their position should consult an appropriate professional advisor without delay.
Forward-looking statements
This press release may include "forward-looking statements" and language that indicates trends, such as "expected" and "intends". Although Bird believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. The forward-looking statements are based on the current expectations of the management of Bird, are subject to uncertainty and to changes in circumstances, and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. In addition, these statements are based on assumptions that are subject to change. Forward-looking statements included herein are made as of the date hereof, and Bird undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances.
