Scandinavia Online AS (SOL), 64% owned by Schibsted, sold their subsidiary SOL System AS to Infostream ASA on the 9th September 1999. The payment was consituted by a cash settlement of NOK 20.6 million and 8,967,391 Infostream shares at the price of NOK 6.90. Schibsted’s share of the total gain was appr. NOK 38 million in the 3rd quarter 1999.
During 4th quarter 1999 SOL sold 2.25 million shares at the price of appr. NOK 18. Schibsted’s share of the gain will be appr. NOK 15 mill. The remaining stock of Infostream shares is hence 6,717,391 shares.
Integra SA has announced an intention of making an offer for all shares in Infostream at a value of appr. NOK 28 per share. This consists of a cash settlement of NOK 5.53 per share and the remains in Integra shares. The offer is conditioned upon among other things satisfactory due diligence, 90% acceptance and government approval.
Acceptance of the offer constitutes a gain for Schibsted close to NOK 90 million. This is based upon an Integra share price of EUR 164 per 25th January 2000. There is uncertainty related to the development in the Integra share price and the currency exchange rate.