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Micronic Goes Ahead With MYDATA Acquisition
May 20, 2009 |Estimated reading time: 2 minutes
STOCKHOLM & TÄBY, Sweden Micronic Laser Systems AB will acquire MYDATA automation AB, in accordance with its letter of intent from April 2009. The acquisition is valued at approximately $39.7 million (U.S.).
Micronic acquires MYDATA from Skanditek Industriförvaltning AB and MYDATA's minority shareholders. The agreement comprises all shares in MYDATA. Consideration for the shares in MYDATA is made in the form of newly issued Micronic shares.
Following the transaction, Skanditek will be the largest shareholder in Micronic owning approximately 38% of the capital and votes.
The transaction is conditional upon that an extraordinary general meeting in Micronic, planned for July 2, 2009, approves the new share issue of approximately 26.1 million shares as well as an amendment of the articles of association in order to enable the new share issue, which requires support of shareholders representing not less than 2/3 of the votes cast as well as of the shares represented at the EGM.
The transaction implies that Micronic will issue new shares as consideration for the acquired MYDATA shares so that MYDATA shareholders after the transaction become owners of 40% of the shares in Micronic. Based on Micronic's closing share price on NASDAQ OMX Stockholm on May 18, 2009 of SEK 11.65, the market capitalization of Micronic totals SEK 456 million, entailing that the transaction values MYDATA to SEK 304 million.
The intention is that Skanditek will have the right to appoint two of five (or corresponding ratio) board members in connection with Micronic's EGM.
Skanditek undertakes, with limited exceptions, not to sell the Micronic shares that has been received in the transaction for a period of 24 months from the EGM.
Catella funds, being the second largest shareholder in Micronic (with 9.8% of capital and votes) as well as the largest institutional shareholder (with 19.3% of capital and votes) in Skanditek , supports the Transaction and intends to vote in favour thereof at the EGM. For further information regarding the Transaction please refer to the press release announced on 21 April 2009 and the prospectus regarding admission to trading of the new shares that is expected to be made public on 16 June 2009.
Transaction time table: The EGM notice will be give on the 4th of June; the prospectus made public June 16, and the Micronic EGM will occur on the 2nd of July. The first day of trading for newly issued shares on NASDAQ OMX Stockholm is July 13. All dates are tentative and subject to change.
Carnegie is acting as financial adviser and Advokatfirman Vinge is acting as legal adviser to Micronic in connection with the transaction.
For more information, visit www.micronic.se.