Back in November 2012, the goal was to fully take over the Swedish pulp producer Rottneros. The project, however, proved more difficult than anticipated.
Arctic Paper now owns a 54.2% in Rottneros. The third extension of the acceptance period for the offer ran until 26 February and the company decided not to extend the acceptance period any further.
Until and including 26 February 2013, the offer had been accepted by shareholders representing 76,228,073 shares in Rottneros, corresponding to 50 % of the outstanding shares and votes in Rottneros. Additionally, Arctic Paper acquired 6,498,266 shares in Rottneros outside the offer, corresponding to 4.3 % of the outstanding shares and votes in Rottneros. 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 favourable.
Arctic Paper had submitted a takeover offer to the Rottneros shareholders on 7 November 2012. The takeover proved difficult, however, and it became clear that acquiring more than 90% of the Rottneros shares would not be possible. Not all of Rottneros’ shareholders were willing to accept Arctic Papers’ offer of SEK2.30 or 0.1872 Arctic Paper shares per Rottneros share.
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