The offer is raised to SEK 144 in cash per Series B share
Bid premium 38 per cent for the Series B share
The acceptance period is extended through 29 June, 2001
Shareholders representing 66.3 per cent of the number of shares and 84.0 per cent of the votes accept the offer
In a public offer on 14 May, 2001, Ratos, the Sixth Swedish National Pension Fund, Skandia Liv, Carl-Gustaf Sondén and Hans Schmidt-Hansen, through their jointly owned company Lindab Intressenter, offered SEK 158 in cash for each Series A share and SEK 138 in cash for each Series B share in Lindab AB (publ) ("Lindab"). In Lindab Intressenter's opinion, the difference between the offer for the Series A shares and the offer for the Series B shares was well balanced, taking into consideration common practice and regulations of the Danish stock market. These are very important circumstances, since Lindab is listed also in Denmark and its principal owners are Danish. Also important is the fact that the Series A shares represent only 12 per cent of the number of shares but approximately 58 per cent of the voting rights in Lindab and, consequently, also represent significant strategic values, since the buyers of these shares also acquire the majority of votes.
Following discussions with a number of Swedish institutional investors, who were critical to the previous offer, and the Danish principal owners, Lindab Intressenter has decided to raise its offer for the Series B shares to SEK 144 per share in order to secure a successful offer. The offer to holders of Series A shares remains unchanged. The above mentioned holders of Series B shares, representing 22.8 per cent of the number of shares and 11.0 per cent of the voting rights in Lindab, have undertaken to accept the raised offer, provided that there is no competing, more favourable offer. In addition, Danish Arbejdsmarkedets Tilægspension, the major holder of Lindab Series B shares, representing 13.8 per cent of the number of shares and 6.7 per cent of the voting rights in Lindab, has undertaken to accept the offer on the same conditions as the holders of Series B shares referred to above. Including previous conditional acceptances, Lindab Intressenter thus controls an aggregate of 66.3 per cent of the number of shares and 84.0 per cent of the voting rights in Lindab.
This raised offer represents a premium of 38 per cent in relation to the average closing price for Lindab Series B shares on Stockholmsbörsen during the most recent 30 trading days before trading in the shares was suspended on 11 May, 2001. Compared to the average closing price for Lindab Series B shares on the Copenhagen Stock Exchange, the offer represents a premium of 45 per cent.
Timetable and terms
The original prospectus and acceptance form were sent to Lindab's shareholders on 22 May 2001 and are also available from Carnegie, telephone no. +46 8 588 694 83.
In view of the raised offer, the acceptance period, which originally runs through 18 June 2001, is now extended through 29 June 2001. If the offer is being made unconditional on or about 2 July 2001, payment is expected to be made on 9 July, 2001.
The offer for the Series B shares is raised to SEK 144 per share.
Other conditions remain unchanged.
The original acceptance forms are valid for the raised offer as well. Shareholders who already have submitted their acceptance forms will receive SEK 144 in cash per series B share and are not obliged to take any further actions.
For further information:
Arne Karlsson, CEO of Ratos, telephone +46 8-700 17 00
Urmas Kruusval, the Sixth Swedish National Pension Fund,
telephone +46 31-741 10 40
Per Johan Björnstedt, Skandia, telephone +46 8-788 10 00