As previously announced on April 24, 2009, Hakon Invest AB ("Hakon Invest") has acquired 2,394,000 shares in Hemtex AB ("Hemtex"), corresponding to 8.2 per cent of shares and votes in Hemtex and thereafter owns 34.6 per cent of the shares and votes in Hemtex. As a consequence hereof, Hakon Invest is announcing a cash offer (the"Offer") to the other shareholders in Hemtex in compliance with Swedish rules for mandatory offers. Hemtex is listed on NASDAQ OMX Stockholm ("NASDAQ OMX") in the segment Mid Cap. * Hakon Invest is offering SEK 23 cash per share together with an add-on premium of SEK 4 per share which will be payable if Hakon Invest in the Offer reaches a shareholding exceeding 50% of the shares and votes in Hemtex. * The cash consideration of SEK 23 per share offered represents a premium of 22.0 per cent on the volume-weighted average share price during the 30 business days before April 24 when Hakon Invest came into mandatory bid position. Compared with the volume-weighted average share price during the period January 1- April 23 2009 the consideration represents a bid premium of 34.9 per cent. Based on the closing price on 23 April, 2009, the last trading day before Hakon Invest came into mandatory bid position, the premium is 2.2 per cent. * The cash consideration of SEK 27 per share (which includes the add-on premium) represents a premium of 43.3 per cent on the volume-weighted average share price during the 30 business days before April 24 when Hakon Invest came into mandatory bid position. Compared with the volume-weighted average share price during the period January 1- April 23, 2009, it represents a bid premium of 58.3 percent. Based on the closing price on April 23, 2009, last trading day before Hakon Invest came into mandatory bid position, the premium is 20.0 per cent. * The Offer Document is expected to be published on May 26, 2009. The acceptance period is expected to be running during the period May 28-June 22, 2009. The settlement date is expected to be completed on or about June 29, 2009."Hakon Invest is a long-term and active owner in Hemtex. We have faith in Hemtex's potential to continue to grow in a positive direction with long-term improvements to sales and earnings. There are current measures on-going within Hemtex in order to improve profitability and customer offering. The weakened economic situation means that we do not expect any significant improvements in the short term", says Claes-Göran Sylvén, CEO of Hakon Invest."Hakon Invest has increased its ownership in Hemtex and thus exceeded the level of 30 per cent which means we have to make a bid for the remaining shares in Hemtex. In light of the recent share price development of Hemtex we believe that our offer is competitive. We want to increase our ownership in Hemtex, but whatever the outcome in this offer, we will remain as a long-term and responsible owner in Hemtex", Claes-Göran Sylvén continues. For more information, contact: CEO Claes-Göran Sylvén tel +46-8-55 33 99 66 SVP Investments & Portfolio Companies Stein Petter Ski tel +46-8-55 33 99 44 IR Manager Pernilla Grennfelt tel +46-8-55 33 99 55 Hakon Invest, which is listed on the Nasdaq OMX Stockholm, conducts active and long-term investment operations in retail-oriented companies in the Nordic region. Hakon Invest owns 40% of ICA AB, the Nordic region's leading retail company with a focus on food. The portfolio also includes shares in Forma Publishing Group, Kjell& Company, Hemma, Cervera, inkClub and Hemtex. Further information about Hakon Invest is available at www.hakoninvest.se.
Hakon Invest announces mandatory offer for Hemtex AB (publ)
| Source: ICA Gruppen AB