Shareholders give green light for sale of Edsbyns Elverk
When the acceptance period for Ellevio's bid for AB Edsbyns Elverk expired on October 22, 84.5 percent of shareholders had accepted Ellevio's current offer. This means that an overwhelming majority of shareholders approved the offer, thus reaching the required margin of qualified majority.
Ellevio’s bid, submitted on September 27, 2021, values the group at SEK 385 million, equaling SEK 2,111 per share. A condition for the deal was that an acceptance rate of at least 67 percent would be reached.
- I am thrilled that our offer has been so well received. We look forward to completing the deal and starting the process of incorporating Edsbyn Elverk's electricity network into our existing regional grid. We are confident our investment program will provide a modern, reliable and weather secured electricity network in the area, says Johan Lindehag, CEO of Ellevio.
In order for the transaction to be completed, additional conditions must be met. The extra General Meeting, scheduled for Edsbyns Elverk on November 3, must vote in favor of the deal and for removing the pre-emption for Class A shares that currently applies. The high degree of acceptance indicates that these conditions will be met.
In addition, Ellevio would like to offer shareholders who have not yet chosen to accept the offer the opportunity to do so. After the extra General meeting on November 3, shareholders are given until Friday, November 19 at 17.00 to submit their shares.
This extension of the acceptance deadline is conditioned by the extra General meeting voting in favor of Ellevio’s offer. The renumeration per share and the estimated timetable for payment are the same as before. A registration form will be sent out to the remaining shareholders.
With close to one million customers, Ellevio is one of Sweden's largest electricity network companies. We take an active role in the journey towards a fossil-free society. Our electricity networks are the backbone that connects producers and consumers of electricity, which enables more renewable electricity production, electrification of transport and industry and which creates conditions for new climate-smart services for our customers.