H Intressenter AB, a company jointly owned by Lindengruppen AB and Foundation Asset Management Sweden AB (FAM), announced on 11th February a public offer to purchase all shares in Höganäs AB.
H Intressenter is offering 320 kronor a share in cash, according to a statement issued by the company, valuing Höganäs at around 11.5 billion kronor ($1.79 billion).
“Lindéngruppen’s ambition is to develop the businesses we own in a private context”, stated Lindéngruppen’s Chairman Jenny Lindén Urnes. “We have therefore made a very attractive offer to the other shareholders.”
Lindéngruppen has been a long-standing owner of Höganäs through its full ownership from 1987-1994 and as the largest shareholder since the public listing in 1994. Lindengruppen has undertaken to transfer all of its shares in Höganäs to H Intressenter, provided that the offer is completed. Including Lindengruppen’s 21.8% of shares and following H Intressenter’s recent purchase of Industrivarden AB’s 12.6% share stake, H Intressenter has 34.4% of the stock and 47.9% of votes in Höganäs.
Foundation Asset Management (FAM) states that it has significant experience from owning and developing industrial companies and a strong global network in sectors that are relevant to Höganäs. “This is an attractive opportunity for FAM to become a partner in a well-run business with a strong market position,” stated FAM’s CEO, Lars Wedenborn. “Höganäs is an interesting addition to FAM’s portfolio which will create long term value and returns for the Wallenberg foundations. Lindéngruppen’s and FAM’s competences complement each other well, which creates a solid platform for long term development of the company.”
Höganäs has reported that its management board will announce its opinion of the offer and the reasons for its opinion, as well as an opinion as to the fairness of the offer from an independent expert, no later than two weeks prior to the expiry of the acceptance period. The company announced that Handelsbanken Capital Markets has been appointed as financial advisor and provider of the fairness opinion.
The acceptance period for the offer is expected to commence on 15 March 2013 and end on 12 April 2013, with an expected settlement date of 17 April 2013.
“Höganäs’ employees have made the company the well-run business that we see today,” stated Erik Urnes, CEO of Lindéngruppen. “We have great confidence in the management team and the company’s existing strategies, and will continue to make investments in the company, especially in research and innovation.”
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]