Nordic Capital improves Nordnet take-private offer

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Nordic Capital has improved the terms of its acquisition offer to shareholders of Swedish stock trading platform Nordnet from SEK 37 per share to SEK 38 per share, in a bid to take the company private.

In response to the improved offer, Nordnet's board of directors unanimously recommended company shareholders accept the bid.

The take-private efforts were launched in October as a joint venture with Swedish investment manager The Öhman Group, which held a 62.7% stake in the business when the original offer was made. Öhman committed to contributing its entire shareholding to the joint NNB Intressenter holding vehicle, through which the two have a combined 72.3% shareholding in Nordnet.

NNB Intressenter said in a statement the SEK 38 per share offer would be the final consideration, with no further price increases being offered.

The acceptance period for Nordic Capital's offer began around 5 December 2016 and ends on 23 January 2017. NNB plans to de-list Nordnet if its take-over bid is successful and it achieves a minimum 90% shareholding.