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Stenbeck family power company, Kinnevik want to buy MetroMonday, 06 February 2012
Metro's main shareholder Kinnevik, with about 46.6 percent of the capital and 42.4 percent of the vote, is reported to be making a bid for the remaining shares in the free give away Newspaper group.
The bid values Metro to about Skr1.146 billion. The company's independent directors recommended as Kinnevik is reported to have placed the bid.
There is evidence that information on the bid leaked and then Metro leaped sharply on the Stockholm stock exchange on Friday. Then by mid day the Stockholm Stock Exchange halted the trading of Metro shares. The Exchange stated that the reason for the halt was that everyone in the market did not have the same information.
Kinnevik offers Skr0.90 per Class A share and Skr0.94 per class B share.
Its A-shares traded just before the stock suspension to Skr0.75. A B-share was selling at Skr0.78.This represents a premium of 20 or 20.5 percent.
Calculated on the volume weighted average rates for the past three months it means the offer represents a premium of approximately 46 percent and 47 percent, writes Kinnevik in a statement.
The bid from the Stenbeck family power company, Kinnevik is not conditional on any particular level of acceptance.
By Scancomark.se Team
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