Bird becomes CM.com’s third-largest shareholder despite takeover rejection: says it's ‘open to professional and constructive dialogue’ 

After CM.com turned down Bird’s €5.16 per share offer, the Amsterdam unicorn bought more shares, increasing its stake to 5.74 per cent and saying the price fairly reflects CM.com’s real value.

Last week, Amsterdam unicorn Bird announced its intention to acquire CM.com through an all-cash public offer of €5.16 per share. 

However, on November 7th, Friday, the Management Board and Supervisory Board of CM.com rejected Bird’s proposal, citing that the proposal did not provide any real long-term value for CM.com’s clients, employees, or shareholders.

Bird’s response to CM.com

Consequently, Bird indicated that the offer price of €55.16 per share represents a “full and fair value based on CM.com’s normalised free cash flow.”

This offer is based on CM.com’s expected free cash flow of €3-4M and current valuations in the sector.

At €5.16, Bird is offering approximately 11-12 times EV/EBITDA and 55-65 times EV/FCF, while sector peers average about 9-11 times EBITDA and 15-20 times FCF.

This offer includes a 20 per cent premium over CM.com’s closing price on 4 November 2025 and a 32 per cent premium over the €3.90 share price on 18 October 2025.

According to Bird, 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.

Bought an additional 111,788 shares

Additionally, on the same day, the Dutch unicorn also announced the purchase of 111,788 shares in CM.com, at an average price of €5.095 per share.

This acquisition further consolidates Bird’s position, bringing its total holdings to 1,844,232 shares, representing a 0.35 per cent increase in their stake to 5.74 per cent.

Consequently, this move makes Bird the third largest shareholder after CM.com’s founders Jeroen van Glabbeek and Gilbert Gooijers, who together own 45 per cent shares, reports MT Sprouts. 

Consequently, the founding duo can block a takeover due to their special rights outlined in the Articles of Association (AoA).

Bird, led by Robert Vis, says that it remains open to a professional and constructive dialogue with CM.com’s management board and supervisory board.

If the acquisition goes through at all, Bird says the combined company would form “a leading AI-first platform integrating customer data, marketing, support and payments across all channels”.