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NOTE AB's Board of Directors Recommends Not to Accept Lifco AB's Takeover Offer


Friday, 21 Dec 2012 04:00am EST 

NOTE AB announced that December 3, 2012, Lifco AB, a company wholly owned by Carl Bennet AB, submitted a public takeover bid for the shares of the Company. Lifco is offering SEK 8.00 cash for each NOTE share, which means the offering’s total value is approximately SEK 231 million. The Offering implies a premium of 38% on the closing price of SEK 5.80 per NOTE share on November 30, 2012. Compared to the volume-weighted average price for the 30 previous trading days of SEK 5.93 per NOTE share, the offering implies a premium of 35%. The acceptance period for the offering is expected to commence on or around January 2, 2013 and to conclude on or around January 23, 2013. The Board of NOTE has considered what is in the shareholders' best interests when considering the offering. NOTE’s Board considers that the bid from Lifco significantly under-values the Company, and that it does not reflect the Company's long-term earnings capacity. The timing of the offering was positive for Lifco because the NOTE share has been negatively affected by the continued global turmoil. Despite a bid premium of 35%, Lifco's valuation is only at 87% of the Company's equity as of the end of the third quarter of 2012, which cannot be considered an accurate valuation of the Company in any sense. Accordingly, the Board recommends that shareholders do not accept the offering from Lifco. 

Company Quote

6.95
-0.25 -3.47%
24 Oct 2014