US investment company Strategic Value Partners (SVP) has extended the acceptance period for its offer made to acquire Swedish paper manufacturer Nordic Paper.
Part of the Nordic Paper shareholders have already accepted the offer. SVP reports that it has been accepted by shareholders to such extent that it will become the owner of approximately 82.84% of the total number of shares and votes in Nordic Paper.
SVP plans to acquire Nordic Paper through its newly formed subsidiary Coniferous Bidco. The company submitted a takeover bid for the Swedish company on 11 October, offering SEK50 in cash per share, which puts the total value of the offer at around SEK3.35bn. The main shareholder Shanying International Holding recommended to accept this offer. However, Nordic Paper was of the opinion that the price did not correspond to the value of the company and therefore recommended rejecting it. SVP for its part is not willing to increase the price and declared the offer unconditional back in December.
