Kingspan's Mandatory Cash Offer To Buy Remaining Stake In Nordic Waterproofing In SEK 2.66 Bln Deal
October 10, 2023Kingspan Group plc (KGP.L), an insulation and building envelope solutions company, announced Tuesday a mandatory cash offer to buy the remaining stake in Nordic Waterproofing Holding AB (publ) at a price of 160 Swedish kronor in cash per share.
The offer values all of the shares in Nordic Waterproofing to around 3.85 billion kronor. The total value of the offer, based on the 16.63 million outstanding shares in Nordic Waterproofing that are not owned by Kingspan, amounts to approximately 2.66 billion kronor.
The acceptance period for the offer is expected to commence on or about November 23 and expire on or about February 1, 2024.
The completion of the offer is conditional upon receipt of all necessary competition clearances.
Kingspan currently holds around 30.9 percent of the total number of shares and votes in Nordic Waterproofing.
In mid- September, Kingspan announced that it had acquired shares in Nordic Waterproofing to such extent that the mandatory bid threshold of 30 percent of the voting rights in Nordic Waterproofing had been crossed. It was also announced that Kingspan, within four weeks thereafter, intended to launch a mandatory public offer for the remaining shares in Nordic Waterproofing.
The offer Price represents a premium of 13.8 percent compared to the closing price of SEK 140.6 for the Nordic Waterproofing share on Nasdaq Stockholm on September 13, being the last day of trading before Kingspan announced that the mandatory bid threshold was crossed.
The offer also represents a discount of 1.2 percent compared to the closing price of SEK 162.0 for the Nordic Waterproofing share on Nasdaq Stockholm on October 9, the last day of trading before the announcement of the offer.
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