Norvestor makes take-private bid for NCR
Norway-based GP Norvestor has lodged a SEK 284m bid to acquire publicly listed Swedish camping resort operator Nordic Camping & Resort (NCR).
The deal would see the GP tap its €510m Norvestor VII fund to acquire NCR shares listed on the Swedish small-cap exchange AktieTorget at SEK 30 apiece. Norvestor's bid price represents a 14.24% premium on the volume-weighted average share price of NCR in the six months to 9 November 2016.
Norvestor's bidco is yet to formally acquire any shares in NCR, but has irrevocable undertakings to accept the offer from the five largest shareholders, representing a combined 61.93% of shares.
NCR's board of directors has recommended shareholders accept the bid, supported by a fairness opinion produced by KPMG.
The offer period commences on 15 November 2016 and concludes on 6 December.
NCR is a camping and resort business operating in 15 locations in Sweden. The company generated SEK 89m in revenues in 2015, with EBITDA of SEK 18m, according to Norvestor's offer documentation.
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