Preato Capital AB has become obliged to launch a takeover bid for the shares in Yleiselektroniikka Oyj
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH THE PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.
Preato Capital AB (“Preato Capital”) has on 14 June 2019 acquired 1,327,224 shares in Yleiselektroniikka Oyj (“Yleiselektroniikka” or the “Company”) at the price of 8.70 euros per share. As a result, Preato Capital’s ownership in Yleiselektroniikka amounts to 51.79 per cent of all shares and votes in the Company. As a result of the share acquisition, Preato Capital has become obliged to launch a takeover bid as referred to in Chapter 11, section 19 of the Finnish Securities Markets Act for all other shares and securities entitling to shares in Yleiselektroniikka (the “Takover Bid”).
The cash consideration to be offered in the Takeover Bid will be 8.70 euros per share. The cash consideration includes a premium of 14.47 per cent compared to the closing price of Yleiselektroniikka’s share as of 13 June 2019 on the Helsinki Stock Exchange.
Preato Capital will carry out the mandatory takeover bid in accordance with the Finnish Securities Markets Act. Preato Capital aims to develop Yleiselektroniikka and to keep it as a listed company. Preato Capital will propose to the Company’s Board of Directors the convocation of an Extraordinary General Meeting to decide on changes in the composition of the Company’s Board of Directors in accordance with the new ownership structure.
In accordance with Chapter 11, section 22 of the Finnish Securities Markets Act, a mandatory takeover bid shall be made public within one month from the arising of the obligation to launch a bid, i.e. 15 July 2019, at the latest. Preato Capital aims to start the takeover bid procedure immediately after the Finnish Financial Supervisory authority has approved the offer document, on 14 August 2019, at the latest.
Taaleri Kapitaali Oy acts as Preato Capital’s financial adviser and Castrén & Snellman Attorneys Ltd as its legal adviser in the Takeover Bid.
In Helsinki, 14 June 2019
Preato Capital AB
Simon Hallqvist, Chairman of the Board, Preato Capital AB
Tel. +358 40 510 2760
Preato Capital in brief
Preato Capital is a privately owned investment company established in 2004. Preato Capital invests in majorities in established and profitable small and medium-sized companies in the Nordic region with a proven business model and good cash flow. Preato Capital does not have a pre-determined holding period for its investments and it does not actively seek exits but develops the target companies actively in the long-term in close cooperation with their management. Preato Capital has offices in both Helsinki and Stockholm.
Yleiselektroniikka in brief
Yleiselektroniikka is a Finnish electronics company established in 1969. The Company is one of Finland’s most significant component and production equipment suppliers for demanding electronics and communications applications. Yleiselektroniikka employs over 200 people, of whom approximately 50 in Finland. In addition to Finland, the Company has operations in the Baltic countries and Russia. In 2018, the Company generated a turnover of 57.2 million euros. The Company is headquartered in Espoo, where it also has a store and a product warehouse. Yleiselektroniikka has been listed on the Helsinki Stock Exchange since 1988.