IC Group notifies shareholders of compulsory acquisition by Friheden Invest of remaining shares.
NORDIC BUSINESS REPORT-July 8, 2019-IC Group notifies shareholders of compulsory acquisition by Friheden Invest of remaining shares
(C)2019 M2 COMMUNICATIONS http://www.m2.com
IC Group A/S (CPH:IC), an operator in the premium segment of the apparel and fashion industry, reported on Friday that Friheden Invest A/S has decided to exercise its rights under Sections 70 - 72 of the Danish Companies Act to complete a compulsory acquisition of the shares in IC Group held by the remaining minority shareholders.
Reportedly, this follows the voluntary tender offer to the shareholders of the company, after which Friheden Invest currently holds 91.18% of the aggregate share capital and voting rights of IC Group.
As a result, all remaining minority shareholders are hereby requested to transfer their shares in IC Group to Friheden Invest within a four-week period expiring on 2 August 2019 at 23.59 CET (the compulsory acquisition).
On 16 May 2019, Friheden Invest had announced its decision to submit a voluntarily tender offer to the shareholders of IC Group. This offer was to be completed and settled in cash as soon as possible and no later than 8 July 2019.
Since Friheden Invest now holds over 90% of the shares and voting rights in IC Group, Friheden Invest is entitled to complete a compulsory acquisition of the shares held by remaining minority shareholders in IC Group pursuant to and in accordance with Sections 70 - 72 of the Danish Companies Act. Reference is also made to section 4.2 of the Offer Document (only published in Danish) in which Friheden Invest has already stated its intent in respect of a compulsory acquisition.
This compulsory acquisition of the shares in IC Group by Friheden Invest will be made at a price of DKK39 per share of nominal DKK10.00. In the event IC Group pays dividends (declared as final or otherwise binding on IC Group) and/or otherwise makes distributions to its shareholders in general prior to completion of the compulsory acquisition, the price to be paid pursuant to the compulsory acquisition will be reduced by the amount of such dividend and/or distribution per share on a DKK-for-DKK basis.
Also, the price offered in the compulsory acquisition is equal to the price offered to all shareholders of IC Group in...
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