Aktsiaselts Infortar ("Offeror") made a voluntary takeover offer to all the shareholders of Aktsiaselts Tallink Grupp ("Tallink") for acquiring all the shares of Tallink ("Shares") not yet in the ownership of the Offeror ("Offer"). The Offer was made based on the offer notice ("Offer Notice") and the prospectus attached to it ("Prospectus", together with the Offer Notice, "Offer Documents").
The Chairman of the Management Board of Aktsiaselts Infortar Ain Hanschmidt: "When the voluntary takeover offer was announced, we believed it would be attractive to those seeking to exit the region - our assumptions were accurate and proven correct. The majority of Tallink's 30,000 shareholders chose to remain, indicating they share Infortar's perspective for Tallink's future success."
"Infortar believes in Tallink's business model - the management and the whole team have done an excellent job and successfully navigated the company through various crises. The difficulties associated with COVID-19 have been overcome, and business has normalized. In addition to the record-breaking profit numbers in 2023, Tallink has significantly reduced its leverage and secured a strong financial position," Hanschmidt added.
"Tallink will remain listed on the stock exchange with a minority, similar to many other Estonian publicly traded companies. A strong investor community has developed in Estonia, and both Infortar and Tallink have greatly benefited from being public companies," said Hanschmidt.
The Estonian Financial Supervision and Resolution Authority approved the Offer on 1 July 2024 and the Offer Documents were published on 2 July 2024. The Offer commenced on 2 July 2024 at 10:00 and ended on 5 August 2024 at 16:00.
The purchase price offered by the Offeror within the Offer was EUR 0.55 per one Share (the "Purchase Price").
As a response to the Offer the shareholders participating in the Offer decided to sell to the Offeror in total 161,395,930 Shares that corresponds to 21,71% of all the Shares. The Offeror gives its acceptance to conclude the sales contracts with all the shareholders that participated in the Offer on terms provided in the Prospectus.
The payment of the Purchase Price to all the shareholders participating in the Offer and transfer of the Shares to the Offeror takes place on 9 August 2024 (the "Value Date") in accordance with the procedure described in the Offer Documents. On the Value Date each shareholder participating in the Offer shall be paid the amount of the Purchase Price corresponding to the number of the Shares sold by that shareholder against the transfer of such Shares.
Before publishing the Offer Documents and as of the end of the last day of Offer the Offeror held in total 347,696,887 Shares that amounted to 46.76% of all Shares. As a result of the Offer, the Offeror acquires in total 161,395,930 Shares that amounts to 21,71% of all Shares. After the Value Date, the Offeror, thus, owns in total Shares that amounts to 509,092,817 of all Shares. Thus, the Offeror now holds 68,47% of the voting rights and has acquired dominant influence over Tallink.
Additional information:
Kadri Laanvee
Investor Relations Manager
e-mail: kadri.laanvee@infortar.ee
phone: +372 5156662
https://infortar.ee/en/investor
