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Nasdaq unit receives acceptance for 91% of Cinnober's shares


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Nasdaq unit receives acceptance for 91% of Cinnober's shares

Nasdaq Technology AB is in the process of completing its recommended public cash offer to shareholders and warrant holders of Cinnober Financial Technology, a Swedish financial technology provider.

In September 2018, Nasdaq Inc., through its Swedish subsidiary Nasdaq Technology, offered to acquire all the shares and warrants of Cinnober for 75 Swedish kronor per share and 85 kronor per warrant. The offer was increased in December 2018 to 87 kronor per share and 121 kronor per warrant. Cinnober shareholders and warrant holders had until Jan. 9 to accept Nasdaq's increased offer.

At the end of the acceptance period, shareholders representing 20,654,777 Cinnober shares, or 91% of the company's total shares, accepted Nasdaq's offer. Warrant holders representing 141,200 Cinnober warrants also accepted the offer. Nasdaq expects to begin settling the acceptances with respect to the shares on Jan. 17.

Nasdaq now controls 22,274,807 Cinnober shares, or 98.2% of the total shares. It further extended the acceptance period until Jan. 30 to give time for the remaining Cinnober shareholders to accept the offer, with settlement expected on or around Feb. 6.

SEB acts as the financial adviser, while Advokatfirman Cederquist is acting as Swedish legal adviser to Nasdaq and Nasdaq Technology.