It would be interesting to be a fly on the wall at Otava’s board meetings. What is their end game in this Alma Media play?
“A strategic holding and Alma will remain an independent listed company” and whatever other jargon we’ve always heard from Otava.
Somehow, Otava’s actions don’t make sense purely on economic grounds. Is there a consolidation of the media field underway, where rationality is being overtaken by ambition and a quest for scale? Is Otava ready to pay a control premium (as they are doing now) and leave Alma to “stagnate” on the stock exchange? Well, at least it will pay out an okay dividend in the future.
Mariatorp Oy, Ilkka Oyj, and Keskisuomalainen Oyj (partly indirectly through Ilkka) influence this course of events with their own votes and plans. Will the pieces start moving now that Ilkka has managed to combine its share classes? Are the stubborn Ostrobothnians finally cashing out, with Alma ending up with Otava at a good price? Is it time to jump on the Alma (or Ilkka or Keskisuomalainen) bandwagon and reap the fruits of consolidation?
IMO, Otava should delist Alma, or is it a bit too much for them to swallow after all?