The redemption price is likely “equal” to 40.10 for all shares, and the trustee referred to in the letter was appointed on August 19th.
Indeed, a statement regarding the arbitration court’s decision can be submitted to the redemption board by September 21st. If no obstacles arise, an announcement of the trading suspension could be expected soon after that date?
Then they will check the latest ownership data and redeem the remaining <4% of the shares?
It’s no longer worth trying to buy Basware on the stock exchange, trading has ended with a redemption of EUR 40.10.
The stock price has been quite flat for the last 5 years if you compare the start and end points, but there have been considerable dips in between, thanks to the abysmal VVK (2019), Corona (2020), rising interest rates (2022), not to mention the company’s own contribution. I don’t feel like digging up the reason for the 2018 drop, nor do I remember it, as I didn’t own it back then.
I checked an American peer, Coupa, whose valuation made me, as a Basse owner/swinger, quite envious: the Market Cap was on a different planet, you see.
Now Basware’s Market Cap ended at 580, revenue in 2021 was 153 MEUR, net profit -15 MEUR.
Coupa’s Market Cap yesterday was 4760 MEUR, revenue in 2021 was 725 MEUR, net profit -380 MEUR.
One can conclude that Coupa has not become free despite a strong downward trend in its stock price.
If one amusingly compares Basse’s redemption price to Coupa’s valuation (by scaling revenue):
153/800 x 4760 = 910 MEUR, meaning Coupa is still valued >50% more expensively than Basse in the redemption situation in the aforementioned manner.
Interestingly, last week, speculation was reported that PE Vista had been exploring a Coupa privatization. That explains the latest push to the > 60 USD level. Before that, the price had fallen to 45 USD.
If you further remove that speculated premium from Coupa’s valuation, the valuation was only relatively marginally more expensive than Basse’s redemption price.
Conversely: after April 14, when Basse’s redemption was announced, Coupa’s share price has halved from the 100 USD level to that 45-60 USD range.
→ Basse’s redemption came at just the right time, it could very well be 20 EUR or so again without the redemption.
The share price would certainly be 20 euros now without the redemption, if not well below? Inderes boosted it with a strong sell recommendation just before the redemption. They didn’t quite hit the mark again. 
Indeed, Basset’s price would have come down from the level before the redemption (April 13, 2022; EUR 20.60).
If not quite halved as in Coupa’s case, then perhaps EUR 15 or so…
Hi @Pyyleva! We haven’t had a sell recommendation for Basware during my monitoring, nor was there one at the time the tender offer was published 
However, I couldn’t predict the tender offer, and it was met with a recommendation in the wrong direction, that’s true 
Tender offers are almost without exception options, on which I think it’s quite dangerous to build a recommendation - usually, offers arise in a situation where some external bidder is willing to take a view that deviates from the market (=offering shares at a premium to the current share price). At this point, our recommendation aligned with the market’s view up to the offer (before the offer, the share price had fallen from 26.5e to 20.6e with a reduce recommendation).
