Sweden's sixth national pension fund, AP6, has had its takeover bid of Lindab, a Swedish ventilation and building materials group, accepted by the firm's board of directors.
AP6 is part of Lindab Intressenter, a consortium of investors including private equity investment firm Ratos, Swedish insurer Skandia Liv, Carl-Gustaf Sonden and Hans Schmidt-Hansen, Lindab's chief executive and deputy chief executive, respectively.
Lindab Intressenter's all cash bid, SEK158 for every A-series share in Lindab and SEK138 for each B-series share, is worth a total of SEK3.31bn (£226m).
According to Ratos, once the deal is concluded, AP6 will own 23.9% of the company, Skandia Liv 23.9%, Ratos 42.2%, with the remaining 10% held by Carl-Gustav Sondeen and Hans Schmidt-Hansen.
So far shareholders representing a 65.7% of the votes and 29% of the capital have already decided to accept the offer, according to Lindab.
The group is expecting to finance the acquisition through debt and has financial backing from Swedish Bank, Svenska Handelsbanken. Carnegie is the financial advisor of Lindab Interessenter and Nordea Securities of Lindab.
By Geoffrey Ho
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