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On Tuesday, brush terminal company Infront announced that British acquisition fund Inflexion will make an offer to buy all of the company’s shares at NOK 34.40 per share. It sets a capital price for the company at NOK 1,494 billion. On the stock exchange, the company is priced at NOK 1.36 billion.
The offer will arrive formally in January 2021 and it is proposed to settle the transaction in cash.
The founders have said yes
Infront’s board has unanimously recommended that shareholders accept the offer and the two founders Morten Lindeman and Kristian Nesbak have already committed to selling their shares. Nesbak is the CEO of Infront and Lindeman is the Chief Information Officer (CIO). In total, Inflexion has received advance obligations of about 26.9 percent of the shares.
DN has not been able to contact Nesbak or Lindeman.
The price of NOK 34.40 per share represents a premium of 30.9% and 56% of the volume weighted average price of the last month and the last three months, respectively, until December 14.
In recent weeks, Infront’s stock price has dropped. In the past month, the stock price has jumped 50 percent. Since October 28, the price has risen around 79% and now stands at NOK 31.30.
– Next level
“We are impressed with Inflexion’s merits in developing world-class IT and technology companies, and we are confident that a partnership with their team will allow us to reach the next level after an exciting 22-year journey since we started this company “says Kristian Nesbak, CEO of Infront.
Infront has around 500 employees in 13 countries and offers global market data, e-commerce, news, analytics, portfolio management solutions and consulting. The company went public in 2017.
The offer to Inflexion Private Equity Partners is conditional on, among other things, a 90% acceptance rate and approval by the competition authorities in Germany.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content can only be done with written permission or as permitted by law. For more terms, see here.
