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CapMan completes Norvestia takeover

Finnish asset manager CapMan Oyj said Dec. 20 that, as a result of its exchange offer for Norvestia Oyj shares and subscription rights, its ownership in the latter will rise to 90.6% after Dec. 22.

The shares of shareholders who have accepted the exchange offer represented about 62% of all Norvestia's shares and votes.

The offer was announced Nov. 3 and included a premium of approximately 23.2% to Norvestia's volume-weighted average share price between Oct. 4 and Nov. 2. CapMan held a 28.7% stake in Norvestia prior to the offer. The transaction also entailed an extraordinary dividend of €3.35 per share, which was to be paid to Norvestia's shareholders before completion of the offer.

The offer period of the exchange offer ended Dec. 16, but it will continue the subsequent offer period until Jan. 9, 2017.

Summa Capital Ltd. acted as CapMan's financial adviser, and Summa Capital Markets Ltd. was the lead manager. Borenius Attorneys Ltd. acted as legal adviser on the transaction.