contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


purmo-grand-bidco-achieves-the-majority-required-to-complete-takeover

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Arttu Heikura

Yields also arrived (at least in Nordnet). They would accumulate to €0.618529/share.

Money from Purmo arrived in the account today, i.e., €11.98/share (according to the arbitration award). Interest was not yet visible in Nordnet, at least, but according to my calculations, about €0.62/share should accrue.

Yes, it is indeed a very small increase, when considering the total funds used for the acquisition of Purmo.  Roschier’s billing is also presumably so substantial that Bidco probably doesn’t want any more invoices from that direction.  However, if someone were to complain about this, then which party would inform the minority shareholders about this, and would the trustee still represent the minority shareholders then?

It is certainly possible, but it’s worth remembering that we are talking about an increase of 0.8 million when the total price of the tender offer was, what, 500 million. And of course, in that case, they take the risk that minority shareholders will also appeal and a higher court will order a higher redemption price and legal costs on top. In Ahlstrom, legal proceedings are still ongoing after the 2021 tender offer, where the buyer was not as wealthy as in Purmo and the disputed amount was many times higher.

Significant increase in the buy-out price. Is it realistic for Bidco to appeal this ruling?

The arbitration award was sent today by email to minority shareholders who had actively registered. Within two weeks, the award will be registered, and then it will likely be publicly available.

Well, I’ll have to look into the decision. Did you have a link where I could find the information? I couldn’t find it with a quick Google search.

Purmo Group

Purmo announced on Friday that the Grand Bidco Consortium had reached the minimum acceptance condition required for the completion of the tender offer, meaning that all conditions to the takeover bid have been met. 

Translation: Original comment published in Finnish on 8/5/2024 at 7:35 am EEST.
Purmo&#xa0;<a href="https://www.inderes.se/releases/final-result-of-project-grand-bidco-uk-limiteds-public-tender-offer-for-all-the-shares-in-purmo-project-grand-bidco-completes-the-tender-offer-and-commences-a-subsequent-offer-period">announced</a> on Friday that the Grand Bidco Consortium had reached the minimum acceptance condition required for the completion of the tender offer, meaning that all conditions to the takeover bid have been met. We commented on the preliminary results of the tender offer <a href="https://www.inderes.se/analyst-comments/purmo-to-end-up-with-grand-bidco-against-our-expectations">here</a>.
<h2>Minority interests will be acquired through redemption proceedings</h2>
The takeover offer from the Grand Bidco consortium was accepted by 94.5% of shareholders. As the minimum acceptance condition (90%) and all other conditions for the implementation of the tender offer have been met, the Bidder will implement the offer in accordance with its terms and conditions. To the shareholders who have accepted the offer, the offeror will pay the agreed offer consideration (C shares EUR 11.06) on or about August 16 in accordance with the payment procedures described in the terms and conditions of the offer. Grand Bidco is offering shareholders who have not yet accepted the offer the opportunity to do so between August 5 and 19. Thereafter, when the consortium owns more than 90% of Purmo, it will initiate compulsory redemption proceedings under the Companies Act to acquire the remaining shares.

Purmo: Grand Bidco achieves the majority required to complete takeover

Minority interests will be acquired through redemption proceedings

Forum discussions