The Board of Directors believes the offer doesn’t reflect the firm's long-term potential.
Swedencare’s Board of Directors has unanimously advised against accepting the SEK5.9 billion (€508.6M/$543.77M) offer made by Symrise in June after the German firm reached a 30% stake in the company.
“The Board of Directors, therefore, recommends the shareholders of Swedencare not to accept the Offer,” reads a statement.
Swedencare notes that it sees Symrise as a “strategically important” owner of the company and highlights: “Symrise does not have the ambition to acquire all shares in Swedencare and that the Offer is prompted by legal requirements.”
The regulation establishes that a mandatory offer to the stakeholders must be made when this amount of ownership is reached. Symrise clarified earlier in the month that it intended to increase its shareholding in Swedencare but not to acquire full ownership.
The company targets sales worth SEK4 billion (€338.6M/$367M) by 2026.
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