10th Oct 2023 09:22
(Alliance News) - Kingspan Group PLC on Tuesday announced a mandatory takeover offer for Nordic Waterproofing Holding AB, after passing the 30% holding threshold.
On Tuesday, the Kingscourt, Ireland-based building materials supplier announced an offer of SEK160 in cash per share - around GBP11.94 - to the shareholders of Nordic Waterproofing to acquire all the shares it does not already own in the company.
It said the offer is worth SEK2.66 billion and values Nordic Waterproofing at SEK3.85 billion.
Kingspan has been the largest shareholder in Nordic Waterproofing since August 2022 when it acquired 24% of the company's share.
In September of this year, Kingspan upped its interest in the firm to 31% thereby crossing the mandatory bid threshold of 30% of the voting rights in the firm. Under the Takeovers Act, this meant that Kingspan had to announce a mandatory bid for the company.
"We have admired Nordic Waterproofing for some time due to its strong product and service offering across the Nordic region. It is a complementary geographical fit with our expanding Roofing and waterproofing division," comments Chief Executive Gene Murtagh.
"We will continue to develop the business regionally with an enhanced range of roofing solutions. It is a great validation of the attractiveness of our offer that so far several of the Company's larger shareholders have sold their shares to Kingspan."
The company noted that it does not plan to make any changes regarding Nordic Waterproofing's operations or its management as a result of the offer.
The acceptance period for the offer is expected to start on or around November 23 and will expire on or around February 1.
By Sophie Rose, Alliance News reporter
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