By Michael Susin
Kingspan Group said it has made a mandatory cash offer for the remaining shares of Nordic Waterproofing Holding AB at a price of 160 Swedish krona ($14.59) a share.
The building-and-insulation materials company said Tuesday that the total value of the offer amounts to about 2.7 million Swedish krona ($246,159) for the remaining 16.6 million shares which aren’t currently owned by Kingspan. The offer values Nordic Waterproofing’s total shareholding at around SEK3.85 million.
The price represents a premium of 13.8% compared with the closing price of SEK140.6 on Sept. 13, the last day prior to when Kingspan’s crossed the mandatory bid threshold.
The company was obligated to make a public offering for all the outstanding shares under the Swedish Takeovers Act.
Kingspan added that the acceptance period for the offer is expected expire on or around Feb. 1.
Write to Michael Susin at [email protected]
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