Bergs Timber shareholders to convene on Dec 27 for takeover approval4 December 2023
An extraordinary general meeting of Bergs Timber AB shareholders has been called for December 27 to approve the SEK1.54bn takeover offer from Norvik hf.
The meeting in Stockholm follows Norvik hf shareholders resolving on November 29 to complete the public takeover offer to shareholders of Bergs Timber. Norvik hf originally
announced a public takeover offer to Bergs Timber’s shareholders on October 27 through the wholly owned subsidiary Kivron AB.
The total value of the offer, based on all outstanding shares in Bergs Timber, amounts to approximately SEK1.54bn.
The price per share of the offer represented a premium of 86.2% compared to the closing price of SEK23.90 for Bergs Timber’s B-share on Nasdaq Stockholm on October 26.
Norvik hf is currently the largest shareholder in Bergs Timber, holding shares corresponding to approximately 58.67% of the shares and votes in the company.
Norvik hf had also made an earlier statement about potential impact on Bergs’ operations.
“Considering the current market conditions, and given Norvik’s current knowledge of Bergs, Norvik does not intend to implement any changes regarding the company’s business or its management and employees, including their terms of employment, or regarding occupation and the locations where Bergs conducts its operations,” it said.
“Nor does Norvik currently have any strategic plans for Bergs which may have an impact on employment or the locations where the Company conducts its operations.”
Bergs operates in Sweden, Latvia, Poland and the UK, with sales made to about 30 countries. The largest markets are Scandinavia, the Baltics, the UK and France. Operations include door and window production, furniture and components, wood solutions, sawn timber (35% of turnover) and energy and logistics.
Its sawmill operations are in Latvia and Estonia, though the latter was closed in the autumn. Bergs has UK operations in its doors and windows business unit, plus its wood solutions division.