Sweden-based Zmarta Group has offered to acquire Insplanet AB (publ) for 13 Swedish kronor per share in cash, for a total value of about 176 million kronor.
The per-share price represents a premium of about 20% to Insplanet's Aug. 30 closing price of 10.80 kronor and about 30% to the volume weighted average price of 9.98 kronor during the last 30 days of trading.
The independent bid committee of Insplanet's board of directors unanimously recommended the offer. Additionally, four of Insplanet's largest shareholders, holding an aggregate of about 80.7% of the company's shares and votes, agreed to accept the offer.
Zmarta provides a range of services within consumer finance, while Insplanet develops and operates digital consumer services and brands focused on insurance products and private loans.
Upon completion of the transaction, the combined company is expected to become a "market-leading" digital comparison service for personal finance services in Sweden.
As of Aug. 31, US$1 was equivalent to 9.16 Swedish kronor.