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Acando completes recommended offer to buy shares in Connecta

Friday, 11 Jul 2014 02:00am EDT 

Acando AB:Upon the end of the acceptance period on July 7, 8,284,875 shares had been tendered into the Offer, representing about 79.8 percent of the shares and votes in Connecta.Acando has decided to complete the Offer and all conditions to the Offer are fulfilled or waived, including the stipulation of a 90 percent level.The main shareholders of Acando agreed on June 9, along with a third party, to acquire the principal shareholder of Connecta TIKK 2 AB's entire stake of 1,091,079 shares of Connecta, representing about 10.5 percent of the shares and votes.Principal shareholders and the third party have also, provided that the Offer is completed, irrevocably undertaken to accept the Offer immediately after completion of the Offer.Acando controls thus total 9,375,954 shares, representing about 90.3 percent of the shares and votes in Connecta.Acando board has also decided to issue 27,616,250 new shares of series B in Acando as consideration in the Offer to Connecta who accepted the offer during the initial acceptance period.The Board has also decided to extend the acceptance period until July 21 to give shareholders who have not yet accepted the Offer a possibility to do so.When Acando controls more than 90 pct of the shares of Connecta, it intends to initiate a compulsory acquisition in order to acquire all outstanding shares of Connecta.In connection therewith, Acando also intends to delist Connecta's shares from NASDAQ OMX Stockholm. 

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