I personally guess that Grand Bidco will handle the collateral with a bank-issued direct guarantee in the very near future, before the dividend ex-date. Regarding the payment of the undisputed portion, they might indeed pay it off even on a fast schedule, but on the other hand, in summer 2024, they raised 380 million euros at a 9% interest rate, so compared to that, the current 6.5% interest rate of the redemption procedure seems quite tolerable.
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Rauliâs concise comments on how the trading of the share was suspended and how Inderesâ coverage simultaneously ended.
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The collateral appears to be settled
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Possibly a silly question, but I just realized that my ownership still shows in Nordnet (in unlisted shares, of course). The latest information on the matter is from January, and I was wondering when I should expect payment? This is my first time with this kind of thing, so the practical process isnât familiar.
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The arbitration courtâs decision is due by May 23rd, and from that, I think it was 60 days for it to become legally binding, and payment must be made within 30 days of that, i.e., by the end of August. Provided the decision is not appealed. In that case, it could, of course, take years.
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The redemption price for Purmo was set at 11.98, an increase of one euro.
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Well, Iâll have to look into the decision. Did you have a link where I could find the information? I couldnât find it with a quick Google search.
The arbitration award was sent today by email to minority shareholders who had actively registered. Within two weeks, the award will be registered, and then it will likely be publicly available.
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Significant increase in the buy-out price. Is it realistic for Bidco to appeal this ruling?
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It is certainly possible, but itâs worth remembering that we are talking about an increase of 0.8 million when the total price of the tender offer was, what, 500 million. And of course, in that case, they take the risk that minority shareholders will also appeal and a higher court will order a higher redemption price and legal costs on top. In Ahlstrom, legal proceedings are still ongoing after the 2021 tender offer, where the buyer was not as wealthy as in Purmo and the disputed amount was many times higher.
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Yes, it is indeed a very small increase, when considering the total funds used for the acquisition of Purmo.
Roschierâs billing is also presumably so substantial that Bidco probably doesnât want any more invoices from that direction.
However, if someone were to complain about this, then which party would inform the minority shareholders about this, and would the trustee still represent the minority shareholders then?
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Money from Purmo arrived in the account today, i.e., âŹ11.98/share (according to the arbitration award). Interest was not yet visible in Nordnet, at least, but according to my calculations, about âŹ0.62/share should accrue.
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Yields also arrived (at least in Nordnet). They would accumulate to âŹ0.618529/share.
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