EQT leads largest bid post crunch - but meets resistance

ESML Interessenter AB, jointly owned by EQT V (c64%), Sakl AB (c8%), Melker Schorling AB (MSAB) (c10%) and Investment AB Latour (c17%), has made a public cash offer for Securitas Direct AB, a Swedish security services company.

The shareholders of the company have been offered SEK 26 per share for each series B share, a 38.4% and 40.6% premium to the volume-weighted average closing price over the past three months, ending 12 November 2007. The acceptance period spans from November 2007 to January 2008. The offer values the share capital of the company at approximately SEK 9.6bn.

Debt facilities were arranged by Bank of Scotland, Dresdner Kleinwort Limited, The Royal Bank of Scotland and Skandinaviska Enskilda Banken as mandated lead arrangers and underwriters. MezzVest and Partners Group underwrote the mezzanine financing.

However, the board of directors of Securitas Direct has recommended that the share and warrant holders in the company reject ESML Intressenter's bid. The negative recommendation is based on the belief that the bid does not reflect the true value of the company.

The committee also regarded JP Morgan and SEB Enskilda's independent opinions on valuation to be inadequate. See deal in focus. (Page 34).

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