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Aedifica increases offer size for Hoivatilat takeover bid

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Capital Markets View – January 2021


Aedifica increases offer size for Hoivatilat takeover bid

Aedifica SA increased the offer price for its takeover bid for Hoivatilat Oyj to €16 per share from €14.75 apiece.

The new offer price values the Finland-based company at approximately €408 million.

Brussels-based Aedifica extended anew the offer period to Jan. 3, 2020, from Dec. 13, subject to the approval of the Finnish market authority.

Aedifica's unit, Aureit Holding Oy, offered to buy all 25,439,229 outstanding shares in the healthcare real estate investment company on Nov. 4. Aedifica amended the minimum acceptance threshold of 50% plus one share of all issued and outstanding shares and votes in Hoivatilat, from the initial 90%.

Major shareholders of Hoivatilat including 2Care Capital Ab, Timo Pekkarinen, Kusinkapital Ab, Lunacon Oy and Paul Hartwall, as well as management shareholders, together representing about 22.6% of all outstanding shares and votes in the company, have irrevocably undertaken to accept the tender offer.

Following the increased offer price, Aedifica secured additional undertakings from shareholders, including Clearance Capital, Länsförsäkringar Fondförvaltning AB and OP Finland Funds, among others, representing approximately an additional 24.9% of all the outstanding votes.

Overall, the buyer received an aggregate of approximately 47.4% of all the outstanding shares and votes in Hoivatilat. Additionally, Aedifica acquired about 1.4% of Hoivatilat shares on Nasdaq Helsinki stock exchange.