Swedish real estate company Klövern AB's Dagon Sverige AB subsidiary will not extend the acceptance period for its mandatory public cash offer to Tobin Properties AB shareholders for all the outstanding ordinary shares and class A preference shares that it does not already own in the Stockholm-based homebuilder.
Upon the March 26 expiry of the acceptance period, a total of 5,116,662 ordinary shares and 18,378 class A preference shares, accounting for roughly 23.9% of the share capital and around 24.9% of outstanding votes in Tobin, were tendered under the offer.
As of the expiry date, Dagon Sverige owned 12,616,662 ordinary shares and 18,378 class A preference shares, corresponding to approximately 58.9% of the share capital and roughly 61.4% of outstanding votes in the homebuilder.
Payment to Tobin shareholders who accepted the offer will commence April 4, according to a release.
Dagon Sverige initially offered 20 kronor per ordinary share and 108.50 kronor per class A preference share, before increasing the offer for the ordinary shares to 22.65 kronor apiece.
MAQS Advokatbyrå Stockholm AB is acting as the legal adviser of Klövern and Dagon Sverige.
As of March 28, US$1 was equivalent to 8.31 Swedish kronor.