Public tender offers

01 August 2008

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Nordic Capital makes tender offer for EDB Gruppen

Nordic Capital has, through its holding company Cidron IT, acquired a 50.09% stake in EDB Gruppen from IBM for DKK 166 per share. At the time of going to the press, the investor put forward a recommended public tender offer to the remaining shareholders at the same price. In the case of a 90% acceptance rate, all shareholders, except for IBM, will receive an additional DKK 4 per share. This offer price represents a 32.2% premium compared with the closing price on the last day of trading before the announcement of IBM's intention to divest.

The board unanimously recommended the offer, apart from three IBM appointed board members who abstained from voting. The deadline for accepting the offer is 13 August 2008.

The public tender offer is a result of close dialogue with the company, in continuation of the sales process initiated by IBM Danmark for their ownership stake in the company.

EDB Gruppen supplies IT solutions and consultancy services to the Scandinavian market, primarily Denmark. The core product is the administrative company system ERP, and the consultancy services include change management, project management and business and organisational development. It provides services within transport, textile, timber, building and construction, contract work, doctor and legal solutions to about 4,000 customers. Founded in 1977, the group is headquartered in Herning and employs 900 people. The company's shares are quoted on the OMX Nordic Exchange Copenhagen.

Segulah makes SEK 1.6bn offer for Gunnebo

At the time of going to press, Segulah has, through its holding company Segulah Stellata, announced a recommended cash offer of SEK 185 per share in Gunnebo Industrier AB. Based on the current number of outstanding shares the deal value amounts to SEK 1.623bn. The offer price represents a 54% premium compared with the closing price of the share on 21 July 2008. The investment vehicle, Segulah Stellata, is wholly owned by the funds Segulah III LP and Segulah IV LP.

The four largest shareholders, Vatterland Invest AB, Stena Adactum AB, If Skadeforsakring and Odin Fonder AB, which jointly control 58% of the share capital, have in agreements with Segulah undertaken to accept the offer. The board of directors has unanimously recommended the offer.

Gunnebo Industrier is an international industrial group with companies active in 16 countries. The group has about 50 major distributors and agents worldwide, and conducts business in three main areas: Fastening, Lifting and Technical Products. The group's shares are listed on OMX, Small Cap.

The acceptance period will end 18 August 2008.