BEWI – Launch of tender offer to acquire remaining shares in IZOBLOK02-11-2021
BEWI – Launch of tender offer to acquire remaining shares in IZOBLOK
Reference is made previous stock exchange releases about BEWI ASA’s acquisition of a majority stake of the listed Polish company IZOBLOK Spólka Akcyjna ("IZOBLOK"), a leading European provider of Expanded Polypropylene (EPP) components to the automotive industry. BEWI currently (indirectly) owns 54.66 per cent of the shares, corresponding to 66.00 per cent of the voting rights in IZOBLOK, and is now announcing its tender offer for all outstanding shares in IZOBLOK.
The total number of shares subject to the tender offer is 574 481 shares, corresponding to the remaining 45.34 per cent of the total outstanding shares, and 34.00 per cent of the voting rights.
The price offered per share is PLN 50.41, amounting to a total consideration of approximately EUR 6.4 million.
If BEWI succeeds in acquiring 100 per cent of the outstanding shares, the company intends to delist the shares in IZOBLOK from trading on the Warsaw Stock Exchange (WSE). A delisting of the shares requires a consent of the Polish Financial Supervision Authority.
If BEWI in the tender offer acquires shares that, together with the shares currently held by BEWI in, represent at least 95 per cent of the total number of votes at the General Meeting of IZOBLOK, BEWI intends to conduct a squeeze-out of the shares from the minority shareholders, pursuant to the applicable laws.
*Announcement of Tender Offer: 2 November 2021
*Commencement of subscriptions: 10 December 2021
*Anticipated date of concluding the transaction of purchase of shares on WSE: 2 February 2022
*Anticipated date of settlement of the transaction of purchase of shares: 7 February 2022
For further information, please contact:
Charlotte Knudsen, Director of IR and Communications BEWI ASA, tel: +47 975 61 959
About BEWI ASA
BEWI is an international provider of packaging, components, and insulation solutions. The company's commitment to sustainability is integrated throughout the value chain, from production of raw materials and end goods, to recycling of used products. With a vision to protect people and goods for a better every day, BEWI is leading the change towards a circular economy.
BEWI ASA is listed at the Oslo Børs under ticker BEWI.
The information is such that BEWI ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 17:25 CEST on 2 November 2021.