FOLLOWING Kingspan’s acquisition of further shares in Swedish company Nordic Waterproofing Holding AB in September last year, bringing its total holding to 30.9% of the business, in October 2023 Kingspan declared a mandatory offer to the shareholders.

Under Swedish law, Kingspan announced the takeover threshold has been crossed and the business must make a public offer for the remaining shares in Nordic Waterproofing within four weeks. Nordic had until 1 February 2024 to respond to the offer.

The period for the offer’s acceptance was extended until 27 March 2024 by Kingspan on 9 January 2024 with the agreement of the Swedish Securities Council in order to allow time to obtain merger approval from the EU Commission.

Kingspan Offer

Now, the Nordic Waterproofing board says it will provide its recommendation to the company’s shareholders on the Kingspan takeover offer when its full-year results for 2023 are released on 6 February 2024.

According to the Swedish takeover rules, the Nordic board has to make public its reasons for either accepting or rejecting the offer.

Nordic says its board of directors is currently working on evaluating the offer and has appointed Bank of America Europe Designated Activity Company, Stockholm Branch to give an assessment of the ‘fairness’ of the offer to help the board in reaching a decision about whether to accept it.

Nordic Waterproofing has also appointed Nordea Bank as financial adviser and legal advisers Setterwalls Advokatbyrå AB to help the board in its assessment of the offer.

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