The combination of Arctic Paper and Rottneros is in reach again. Large minority shareholders have given in and transferred their shares to Arctic Paper.
Arctic Paper now owns 51.6% in Rottneros. The Polish paper manufacturer communicated on 7 February that it had been able to acquire not only the shares of Skagen Vekst Verdipapirfondet, who had previously publicly declined the Offer, but another 4.3% in Rottneros. These 4.3% were acquired outside of the offer. Arctic Paper stated that it may continue to acquire shares in Rottneros outside the offer provided that such potential acquisitions from time to time are deemed favorable.
Now that Arctic Paper owns a majority share in Rottneros, the company is once again hopeful that it will be able to acquire more than 90% in the pulp manufacturer and combine the two entities. The acceptance period has once again been extended to 26 February.
Arctic Paper had submitted a public bid on 7 November to take over all the shares in the pulp manufacturing company. The two companies reported that Arctic Paper is offering 0.1872 newly-issued Arctic Paper shares per Rottneros share. This gives every Rottneros share a value of SEK2.30 on the basis of the closing price from 6 November. At 152,571,925 shares, Rottneros is being ascribed a value of approximately SEK351m.
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