HELSINKI (dpa-AFX) - Elmera Group ASA (ELMRA.OL) and Fortum Consumer Solutions AS, a unit of Fortum Oyj (FORTUM.HE), said Monday they have agreed to the terms of a recommended cash tender offer under which Fortum will acquire Elmera in a deal valuing the Norwegian electricity retailer at about NOK 5.1 billion.
As per the terms of the offer, Fortum will pay NOK 47 per share in cash, a 59% premium to Elmera's closing share price on June 24.
Elmera's board has recommended that shareholders accept the offer and said it had received a fairness opinion from ABG Sundal Collier concluding that the offer is fair from a financial perspective.
Shareholders representing about 37.8% of Elmera's shares have expressed support for the transaction. In addition, shareholders holding about 7.4% of the shares, including board members and senior executives, have entered into pre-acceptance agreements to tender their holdings into the offer.
'The proposed acquisition of Elmera supports our strategy to grow our Consumer Solutions offering and customer base, while strengthening our geographic footprint. In a fragmented market characterised by structurally low margins, industry consolidation supports stronger and more capable businesses that can deliver greater value to Nordic consumers and SMEs while remaining competitive,' said Fortum's President and CEO Markus Rauramo.
Completion of the offer is subject to customary conditions, including acceptance by shareholders representing more than 90% of Elmera's shares and receipt of required regulatory approvals.
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