Bure Equity AB (publ) announces a public cash offer of SEK 13.50 per share to the shareholders of Allgon AB (publ)

Bure Equity AB (publ) (“Bure”) today announces a public cash offer to the shareholders of Allgon AB (publ) (“Allgon”) to tender all their shares in Allgon to Bure at a price of SEK 13.50 in cash per share (the “Offer”). The shares of series B1 in Allgon are listed on Nasdaq First North Growth Market (“First North”).

Summary

  • Bure offers SEK 13.50 in cash per each share of series B in Allgon (the “Offer Price”)2. The total value of the Offer amounts to approximately SEK 759 million.3
  • The Offer is conditional on Bure becoming the owner of shares representing more than 50% of the total number of shares in Allgon. With the lower acceptance level condition, Bure opens up to the possibility that Allgon remains listed on First North with Bure as the main shareholder.
  • The Offer exceeds the offer announced by Latour Industries AB on 14 December 2020 (the “Latour Industries’ Offer”) by SEK 2.75 per share (corresponding to 25.6%).
  • The Offer represents a premium of approximately:

 

  • 63.8% compared to the closing price of SEK 8.24 on First North on 11 December 2020, the last trading day prior to the announcement of Latour Industries’ Offer; 21.1% compared to the closing price of SEK 11.15 on First North on 21 December 2020, the last trading day prior to the announcement of the Offer;
  • 67.2% compared to the volume-weighted average trading price of approximately SEK 8.08 for the shares during the 30 trading days immediately preceding the announcement of Latour Industries’ Offer on 14 December 2020; and
  • 77.2% compared to the volume-weighted average trading price of approximately SEK 7.62 for the shares during the 180 trading days immediately preceding the announcement of Latour Industries’ Offer on 14 December 2020.
  • The Offer is not subject to any financing condition. The Offer is fully financed by Bure’s available cash on hand.
  • As of 22 December 2020, Bure holds 6,310,924 shares in Allgon, corresponding to approximately 11.2% of the total number of shares in Allgon.
  • The offer document regarding the Offer is expected to be made public on or about 8 January 2021. The acceptance period for the Offer is expected to commence on or about 11 January 2021 and expire on or about 1 February 2021.
  • Comment from Henrik Blomquist, CEO of Bure:

“We have been following Allgon for several years and have previously had discussions with the company and its main shareholders. We believe Allgon fits well into Bure’s portfolio as a product-owning quality company with an exciting technology and an established position in the global market. In our view, Bure can, as a new, strong and long-term owner, further develop and accelerate the company’s strategic agenda. The Offer provides Allgon’s shareholders with an opportunity to realise value from their investments at a significant premium compared to recently traded prices of the share as well as the previous offer. With the lower acceptance level condition of more than 50% of the total number of shares in Allgon, we open up to the possibility that Allgon remains listed with Bure as the main shareholder.”

Advisors

Bure has retained Mannheimer Swartling Advokatbyrå as legal advisor and Castlegreen Partners LLP as financial advisor in connection with the Offer.