Reykjavik (IFN) Promens, a subsidiary of Icelandic investment company Atorka Group on Monday confirmed its interest in acquiring Norway's Polimoon and unveiled an offer for all the outstanding shares of Polimoon.
Promens said it would offer NOK32.50 per share payable in cash, representing a total fully diluted equity value of Polimoon of around NOK1.279 billion, or around EUR154 million.
On Oct. 31, Promens announced its intention to put forward a voluntary offer to purchase all outstanding shares in Polimoon.
The company said the offer is conditional on a 90% acceptance level; a satisfactory completion of confirmatory legal and financial due diligence; required regulatory approvals as well as sufficient financing through a syndicated debt and equity arrangement, unless one or more of these conditions are waived or fulfilled prior to the offer document being distributed to shareholders.
The company also said the offer represents a premium of 43.8% to the closing price of NOK22.60 for the Polimoon share on Oct. 16, 2006, the last trading day prior to the announcement of the intention of CapMan to launch a voluntary offer, a premium of 49.6%, 50.2% and 58.4% to the volume weighted average share price on Oslo Boers in the 20-day period, three months and six months prior to Oct. 17, a premium of 18.2% to the price per share offered by CapMan -through its wholly-owned subsidiary Plast Holding AS - of NOK 27.50 as well as a premium of 51.2% to the NOK21.50 offering price in the initial public offering.
Landsbanki Corporate Finance and ABG Sundal Collier Norge ASA have been the financial advisors and Advokatfirmaet Schjoedt AS has been the legal
(END)
Icelandic Financial News (IFN) is available on Factiva, a joint venture between Reuters and Dow Jones Newswires, FT.COM, LexisNexis, Comtex, Gale and Thomson via the Nordic Business Report.
