First comment on the result here 
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A positive impression is conveyed by the communication of the two leaders. Jesse highlights the UK, Germany, and Sweden as strong growth markets.
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https://www.inderes.fi/fi/tiedotteet/muutoksia-avidly-oyjn-johtoryhmassa-1
Perhaps it’s a bit worrying that a key player is leaving the company just as the turnaround is showing signs of success.
Another worrying feature is that the company’s website is choppy even on my two-year-old computer, probably because Avidly’s logo is animated. The website could be simpler.
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It feels a bit far-fetched to consider someone who has been with the company for a couple of years as a special key player, even if they were a member of the management team. Jufo doesn’t seem to stay in one place for very long; he wasn’t even at Innofactor for a couple of years. This news doesn’t concern me at all.
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My assessment is that Peltomaa was not at all a key person, but rather some kind of “evangelist” who just waved his hands around.
And probably not on a small salary either.
I wondered about his hiring at Inno, as well as at Avidly.
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Avidly’s sustainability survey is open until the end of today. Thank you if you have time to respond and provide your views as a shareholder/investor! Regards, Mari/Avidly IR
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@Antti_Luiro Is there similar statistical data available for those mentioned countries as from Kantar in Finland?
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Adelis, a highly active private equity investor in technology services, is making a recommended voluntary public cash tender offer for all shares and special rights issued and outstanding in Avidly Plc (Avidly Oyj). Avidly Plc is a leading marketing technology service provider, and its shares are traded on Nasdaq First North Helsinki.
KEY HIGHLIGHTS OF THE TENDER OFFER AND SUMMARY OF THE TENDER OFFER
– The share offer consideration is EUR 5.50 in cash for each Avidly share issued and outstanding, subject to possible adjustments as set out below in the section “Tender Offer in brief—Offer Consideration”.
– The share offer consideration includes a premium of approximately:
– 48.6 percent compared to the closing price of Avidly’s share (EUR 3.70) on Nasdaq Helsinki Oy’s First North Growth Market Finland marketplace (“First North”) on 11 July 2022, i.e., the last trading day before the announcement of the Tender Offer; and
– 41.9 percent compared to the trade volume-weighted average price of Avidly’s share (EUR 3.87) on First North during the three (3) months immediately preceding the announcement of the Tender Offer.
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At some point, information about this should appear under “corporate actions,” and then, if I recall correctly, you’ll have the option to accept the tender offer on your behalf.
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At this stage, it’s only about a tender offer, and 90% of the shares must accept the offer for it to go through. In my opinion, there are good prerequisites for it to pass for the following reasons:
- 57% of the shares are irrevocably committed to accepting the offer.
- Avidy’s board recommends accepting the offer.
- Inderes’ target price of 5.0 euros/share is below the offer price of 5.5 €.
- The share has mainly traded below the offer price.
- Growth companies are not currently in favor.
If 90% is not reached, Anton Holding II Oy (Adelis Equity) may raise its offer.
The offer period is estimated to begin on July 25, 2022, and end on September 2, 2022. Currently, the tender offer is expected to be completed during the third quarter of 2022.
You have three options:
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You accept the offer, and it goes through. You would receive your money in your share savings account by the end of September. You must explicitly accept it through your broker’s service. The offer will not be automatically accepted on your behalf.
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You sell the shares. There is no other deadline for this than Avidy’s delisting from the stock exchange. This delisting can take months after the end of September. The price may rise above the offer price, but it’s usually only by cents. Speculations can sway the course today and later.
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You do nothing. Usually, someone always fails to accept the offer, and eventually, the offeror will redeem your shares (if 90% is reached and the offer goes through). This could take months after the end of September. The redemption price will be the same as the accepted tender offer.
If the tender offer is later increased, by selling now, you could make “bad” trades. If the tender offer does not materialize, you could be left empty-handed, so to speak. Everyone must consider the choice that is right for them.
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I wouldn’t think that way myself. The amount can be x or 1000x, but the percentage return is the same regardless of the amount (if possible brokerage fee differences are not taken into account), and thus every similar situation is significant in my opinion.
My initial thoughts on the tender offer were that it’s great to get some buzz around the company, but the price seems a bit cheap to me (naturally, they buy into a declining stock). My own thought is that the price might look like a steal within a couple of years, and because of that, I’m personally not ready to give up my minimal share.
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Well then… Here’s some news. What should one think about that offer price… It’s been hovering around without a takeover bid, so I guess it’s a good time for the bidder to try.
I thought I’d take my time and watch, there’s probably no rush to accept it immediately…
At the current share price, my Avidly shares would only be slightly in the black.
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I don’t think it’s a very good price. It’s a good deal for Adelis, of course, and perhaps for shareholders who joined in the summer and autumn of 2020 (if I recall correctly, management also bought in heavily then).
My own situation is that I owned a ridiculously small stake before the rights issue in the summer of 2020, and of course, I subscribed for more at 1 euro at that time. The total profit for my entire holding would be just under 50 percent in my case. Let’s see until early September if it’s worth accepting. Unfortunately, for the reasons mentioned by @MoneyWalker, the offer’s success seems quite likely – especially if the general sentiment in late summer is as dismal as it is now.
As an eternal optimist, I’m happy that I don’t have to pay brokerage fees… 
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When looking at the numbers, what is paid for acquisitions and the price at which the whole business is sold doesn’t seem logical:
The purchase price to be paid for Digital 22 is 1,225,882 euros, and it will be paid upon the closing of the deal to the sellers through a directed share issue of new Avidly shares and a cash payment. The cash payment amounts to approximately 833,600 euros.
“Avidly has now agreed with the sellers of Digital 22 Online Limited shares that Avidly will make a one-time cash payment of 1,818,000 euros to the sellers, as a result of which the sellers’ right to additional purchase price under the original agreement ceases.”
Hey @laaka! I haven’t come across similar statistics from other countries, and a quick search didn’t immediately turn up any, but I’d be surprised if something like that couldn’t be found somewhere in the depths of the internet for those interested 
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Conflicting feelings about the tender offer. It’s okay for now, given the market downturn, but if we look at the long term, the price isn’t very special.
The stock price was above the tender offer level for quite a long time last summer, and since then, the company has continued to develop quite well. I, at least, don’t think in hindsight that Avidly was in a blatant bubble at that time, but of course, the entire market was clearly priced more tightly than it is now.
Virtually all major owners, except for Amlax Oy, which holds 4.57% of the shares, have accepted the offer, and the board recommends it. If Amlax does not accept the offer, I wouldn’t consider it impossible for the offer to not go through. They have certainly been asked, but the fact that they haven’t committed to accepting the offer doesn’t automatically mean they are rejecting it. Avidly’s ownership is quite dispersed, and the premium is not very impressive unless one got in during the COVID-19 dip or this spring/summer’s dip. It will be interesting to see what happens.
To be honest, I’m not entirely sure if I want the offer to go through or not. I’d gladly take even a slightly increased offer, but at that price, it feels like it would be going for cheap. So, I haven’t decided what to do yet.
After the tender offer, the stock price clearly traded below the offer price of €5.50, which was quite interesting. How else can one interpret that other than uncertainty regarding the tender offer’s success? Otherwise, it was an easy 4-5% return for a couple of months if one believed the offer would go through. Now the price has already corrected closer to the offer price.
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Any news on whether the tender offer went through or if the offer period is still ongoing? I couldn’t find anything with a quick Google search, so I came here to ask out of laziness.
“The Offeror has published a tender offer document on July 25, 2022, which contains detailed information about the Tender Offer. The offer period for the Tender Offer begins on July 25, 2022, and is expected to end around September 2, 2022, unless the Offeror extends the offer period to fulfill the conditions for the completion of the Tender Offer. The Tender Offer is currently expected to be completed during the second quarter of 2022.”
It looks like it’s going through: 95.9% of votes are behind the offer, with the condition for the tender offer to be completed being >90%.
Here’s our brief comment on the recent press release
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The final result came in, as expected, in line with the preliminary result - so the tender offer will be implemented 
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