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Beskrivning
| Land | Sverige |
|---|---|
| Lista | Small Cap Stockholm |
| Sektor | Handel & varor |
| Industri | Detaljhandel |
Footway Group AB ("Footway") this morning announced a public offer to the shareholders of Sportamore AB (publ) ("Sportamore") to tender all shares in Sportamore to Footway (the "Offer"). The Board of Directors of Sportamore is positive towards the industrial logic behind the Offer and the consideration offered.
The Board of Directors[1] of Sportamore welcomes the Offer and is positive towards the industrial logic behind the Offer and the consideration offered. The Board of Directors will review the Offer further with its advisors and will announce its formal opinion regarding the Offer as soon as possible.
Short summary of the Offer as described in Footway's announcement:- The Offer values each share in Sportamore to SEK 45.28[2], corresponding to a total value of the Offer of approximately SEK 439 million[3].
- The consideration in the Offer consists of a combination of ordinary shares of Class B in Footway and cash in accordance with the following[4]:
- In respect of 33 percent of the number of Sportamore shares tendered by such shareholders: 2.5 ordinary shares of class B per Sportamore share, and
In respect of the remaining 67 percent of the number of Sportamore shares tendered by such shareholders: SEK 46.4 in cash per Sportamore share.
Shareholders of Sportamore holding 300 or fewer shares may choose a consideration alternative consisting solely of cash compensation of SEK 45.28 per share in Sportamore for all, but not only for some, of their shares.
- Footway's indicative timetable:
- Offer document published around 10 March 2020
- Acceptance period around 13 March - 3 April 2020
Settlement around 17 April 2020
Further information about the Offer (only available in Swedish): www.footway.se/investors.html
Advisors
Carnegie Investment Bank has been engaged as financial advisor and KANTER Advokatbyrå as legal advisor to the Board in relation to the Offer.
For further information, contact
Jan Friedman, Chairman of the Board of Sportamore AB, jan@friedman.se
This information is information that Sportamore AB (publ) is obligated to disclose pursuant to the EU Market Abuse Regulation. The information was submitted, through CEO Johan Ryding, for publication on 17 February 2020 at 07.45 CET
[1] Board member Birgitta Stymne Göransson has not participated in the Board of Director's handling of the Offer. Birgitta Stymne Göransson has today announced her resignation from the Board of Directors of Sportamore at her own request. Birgitta Stymne Göransson is Chairman of the Board of Directors of Industrifonden, which is a shareholder of Footway, and Industrifonden has committed to participate in the rights issue financing the Offer.
[2] Based on the closing price of ordinary shares of Class B in Footway of SEK 17.20 on Nasdaq First North Growth Market on 14 February 2020.
[3] The total value of the Offer is based on (i) the closing price of ordinary shares of Class B in Footway of SEK 17.20 on Nasdaq First North Growth Market on 14 February 2020 and (ii) 9,694,351 outstanding shares in Sportamore as of 14 February 2020.
[4] In the event that Sportamore should pay any dividend or make any other value transfer prior to the settlement of the Offer, the consideration in the Offer will be reduced correspondingly.