The investor group led by Bain raised its offer slightly higher than the competing offer. Caverion’s board of directors recommends the owners to accept the new offer.
Capital investment company Bain Capital as well Antti Herlinin and the investor group formed by the Ehrnrooth family raises its offer for the building technology company Caverion. Caverion made the announcement late Tuesday evening.
The investor group increases its offer to EUR 8.00 per share. Alternatively, Caverion owners may receive a payment of EUR 8.50 for each share nine months after the offer has ended.
Two different investors are currently fighting hard for the ownership of Caverion. A group of investors led by venture capitalist Bain made a purchase offer of EUR 7.00 for Caverion in November. Another private equity investor, Triton, made a competing offer of EUR 8.00 in January and bought approximately ten percent of Caverion’s stock right after the offer.
Caverion’s the board has supported the offer of the investor group led by Bain from the beginning and will keep its line with the latest offer as well. In a press release issued on Tuesday evening, Caverion’s board urges the company’s owners to take Bain’s new, better offer than before.
The latest offer from the Bain-led investor group is financially only marginally better than Triton’s previous offer. Caverion’s board of directors justifies the superiority of the offer with other than directly financial aspects. According to the board, Bain’s offer would be realized faster and more likely than Triton’s offer. Caverion’s board sees competition law risks in the latter offer.
Both the investor group led by Bain and Triton individually own at least ten percent of Caverion, which is why potential buyers seem to be at an impasse in Caverion. Buyers need the consent of at least nine tenths of the owners to withdraw the company from the stock exchange.
In the purchase offer that came on Tuesday evening, the investor group makes a concession regarding its ownership stake. In the new offer, a two-thirds ownership stake in Caverion is enough for the investor group to make the offer come true. Previously, the investor group aimed for a 90 percent ownership share.
Caverion’s largest owner, Antti Herlin, is the second largest owner of Sanoma Oyj, which publishes Helsingin Sanom.
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