Purmo, an air conditioning solutions manufacturer, received a purchase offer for its shares from Project Grand Bidco Limited. However, Bidco improved its offer and will announce the new details in a stock exchange release on Friday. The board of directors at Purmo is recommending that shareholders accept the improved offer.
The new offer includes a cash consideration of 11.15 euros for the C shares and 6.75 euros for the F shares. Additionally, the minimum acceptance condition has been lowered to more than 80 percent of all shares, down from the previous requirement of over 90 percent. This represents a significant improvement from the previous offer of 9.91 euros for the C share and 6.00 euros for the F share.
Purmo’s largest owner, Rettig, who is part of the consortium making the purchase offer, intends to sell all their C shares, which make up approximately 61.8 percent of the company’s shares. With Rettig’s commitment and irrevocable commitments from other owners totaling around 90.34 percent of all shares, it is likely that the purchase offer will be successful. Overall, this development in Purmo’s share purchase offer signifies a positive move for the company and its shareholders.
