contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Roni Peuranheimo

Tecnotree operates in the IT sector. The company specializes in the development of digital communication solutions. The services include, for example, business process services and subscription management for corporate customers in telecom and other digital service providers. Operations are held on a global level, with the largest presence in Asia, Africa and the Middle East.

Alright, they’re starting to turn up. That first tender offer for Aldata was apparently back in 2007 and had gone completely unnoticed, as I wasn’t tracking things yet at the time. A new offer was later made for Aldata, which I did follow, and that one actually went through. I didn’t personally consider the “offer” made for Honkarakenne to be a serious one at all, as the 3% acceptance rate suggests, but indeed, the 90% threshold wasn’t reached in that case either. On the other hand, I really should have remembered and noted that previous offer for Tecnotree. It’s surprising that the bidder didn’t go through with the offer even though they gathered as much as 88% and had also bought shares from the market. I’ll have to investigate a bit more closely what the reason for this could have been; they surely could have picked up those missing couple of percent through the market in a few months. Thanks for the links, I need to update the information in my own records.

There have certainly been these in Finland as well, e.g. Tecnotree:                   tecnotree.com              VIKING ACQUISITIONS CORP:N KAIKISTA TECNOTREE OYJ:N OSAKKEISTA TEKEMÄN...    TÄTÄ TIEDOTETTA EI SAA JULKAISTA TAI MUUTOIN LEVITTÄÄ KOKONAAN TAI OSITTAIN, SUORAAN TAI VÄLILLISESTI YHDYSVALTOIHIN, KANADAAN, JAPANIIN, AUSTRALIAAN, ETELÄ-AFRIKKAAN TAI HONGKONGIIN TAI MILLEKÄÄN...                             Honkarakenne                   epressi.com – 20 Jan 17              SISTEMA FINANCE S.A. ILMOITTAA KAIKISTA HONKARAKENNE OYJ:N OSAKKEISTA TEHDYN...    TÄTÄ TIEDOTETTA EI SAA JULKAISTA TAI MUUTOIN LEVITTÄÄ, KOKONAAN TAI OSITTAIN, YHDYSVALLOISSA, KANADASSA, JAPANISSA, AUSTRALIASSA, ETELÄ-AFRIKASSA TAI ...                             Aldata                   Ilta-Sanomat – 17 Aug 07              Symphony jättää Aldatan ostamatta    Symphony Technology ei toteuta tytäryhtiönsä Sauna Acquisition LLC:n kautta tekemäänsä ostotarjousta suomalaisesta kaupan ohjelmistoja valmistavasta Aldata Solutionista.

OK, thanks for the info. Personally, I have only followed tender offers in Finland, and I don’t doubt at all that many offers are cancelled globally all the time. It’s still worth noting that the buyer has the full right to withdraw the offer if the 90% threshold is not met, so even though it has been rare, it is always possible.

If you look at the Nordics, you only have to go back to November when a major tender offer for Bavarian Nordic fell through. In the tender offer, 250 DKK was offered; it didn’t go through, and a short while later, the price was 175 DKK.

So Helios has invested in Resilience, owning about 60% of it, with Padma and Fitzroy owning the rest. This company will then own more than half of Tecnotree and determine the direction of the business. I read somewhere that the average investment period in Helios’ funds has been around 5-7 years.

If a private investor assumes that Helios will no longer back out of the tender offer, but does not obtain more than 90% of Tecnotree’s shares and the shares are part of the V-fund for Helios… then what should be taken into account regarding the V-fund?  I couldn’t find information regarding, for example, the investment horizon, but is that difficult to determine for a fund investing in Africa? Helios only recently exited Helios Towers, but that is apparently not comparable?

Well, all voluntary tender offers include this same clause, i.e., “The Tender Offer is subject to the fulfillment of the following conditions (“Completion Conditions”), or the waiver of them by the Offeror,” and then it lists, for example, all necessary permits (which are, of course, actually required) and then that 90% threshold, which in practice the Offeror almost always waives even if the 90% limit is not met. In very recent offers, this has happened in the cases of Musti and Innofactor.

Tecnotree

The offer period for Tecnotree's tender offer begins on February 5, 2026, at 9:30 am ´(EET) and ends on March 25, 2026, at 4:00 pm (EET).

Translation: Original published in Finnish on 2/5/2026 at 7:00 am EET.
The offer period for Tecnotree&apos;s tender offer begins on February 5, 2026, at 9:30 am EET and ends on March 25, 2026, at 4:00 pm, unless the offer period is extended in accordance with the terms and conditions of the tender offer. The tender offer is currently expected to be completed during the second quarter of 2026. More information about the offer and its acceptance can be found in <a href="https://www.inderes.fi/releases/resilience-investment-holdings-ltd-commences-the-voluntary-recommended-public-cash-tender-offer-for-all-shares-and-equity-securities-in-tecnotree">yesterday&apos;s press release</a>. We have previously commented on the offer in <a href="https://www.inderes.se/en/research/tecnotree-considering-future-dilution-the-offer-is-reasonable">this update</a> and in this <a href="https://www.inderes.se/en/analyst-comments/tecnotrees-convertible-bonds-converted-into-shares-as-expected">comment</a>.
&#xa0;

	2024	25e	26e
Revenue	71.6	71.8	75.5
growth-%	-8.7 %	0.3 %	5.2 %
EBIT (adj.)	26.7	25.4	24.6
EBIT-% (adj.)	37.3 %	35.5 %	32.6 %
EPS (adj.)	0.97	0.80	0.83
Dividend	0.01	0.03	0.04
Dividend %	0.4 %	0.5 %	0.7 %
P/E (adj.)	2.7	7.0	6.8
EV/EBITDA	1.7	3.3	3.1

Tecnotree's tender offer begins today

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Key Estimate Figures28.01.

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