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Analyst Comment

Onni Bidco has not yet received the percentage of Innofactor shares it was seeking in the takeover bid

By Joni GrönqvistAnalyst
Innofactor

Translation: Original comment published in Finnish on 9/18/2024 at 7:30 am EEST.

Innofactor announced yesterday that the Onni Bidco consortium has acquired 81.1% of the shares and voting rights in Innofactor before or during the offer period. This is below the bid condition, which was over 90%. Based on the preliminary results of the tender offer, Onni Bidco has decided to waive the minimum acceptance condition and to proceed with the offer in accordance with its terms, provided that all other conditions have been satisfied or waived at the time of the announcement of the final results.

The bidder (Onni Bidco) will confirm and announce the final result of the bid on September 19, 2024. If all other conditions of the bid are fulfilled or waived, the offeror will make a supplementary offer to Innofactor shareholders who have not yet accepted the offer. Onni Bidco intends to launch this subsequent offer period in accordance with the terms of the bid. The subsequent offer period would then commence as soon as possible and is expected to start at 9.30 am (EEST) on September 19, 2024 and end at 4 pm (EET) on October 3, 2024.

Somewhat surprisingly, Onni Bidco did not get the more than 90% stake in Innofactor that it had sought. Ultimately, however, we still expect that the takeover will be completed and that Onni Bidco will acquire more than 90% of the shares and votes. The original commentary on the tender offer, which is still current, is available here.

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Forum discussions

The interest also arrived. In Nordnet, the interest was paid a day later than the undisputed portion of 1.68 EUR/share.
5/16/2025, 2:59 PM
by Tmpr2000
1
Innofactor’s undisputed share of €1.68 arrived in the account yesterday. The entire process is not yet over; the trusted man demands disclosure...
5/15/2025, 6:11 AM
by Critter
7
Risto Linturi’s Facebook post:(Bolding mine) "A long stint has concluded. Thanks to Sami Ensio for excellent cooperation, which will continue...
5/14/2025, 3:20 AM
by @TeemuHinkula
13
Inderes Innofactor Oyj:n tilinpäätöstiedote 2024 (IFRS) - Inderes Innofactor Oyj:n tilinpäätöstiedote 28.2.2025 klo 9.00 Konsernin tunnusluvut...
2/28/2025, 8:00 AM
by Ummon
4
Was it clear when the redemption matter will be finalized? I also received a letter, but after a quick read-through, I don’t remember.
1/20/2025, 12:54 PM
by salottisipuli
0
In arbitration, the rest will receive at least €1.68 per share, but the arbitral tribunal may order an even higher price, such as €1.86.
1/14/2025, 12:42 PM
by Critter
1
That’s how it is: the shares were sold at the offer price, and the increased offer coming in depended on the price doubling, as Ensio had drawn...
1/14/2025, 12:16 PM
by viljo
1
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