Ratos makes rival bid for Swedish tech firm Semcon (updated)

Ratos AB

26/09/2022 07:23

(Adds details)
       STOCKHOLM, Sept 26 (Reuters) - Private equity firm Ratos
 RATOb.ST  said on Monday it had made a recommended cash offer
for Semcon  SEMC.ST  that values the Swedish tech consultancy at
2.84 billion crowns ($249.1 million). 
    Sweden's Ratos said in a statement the offer was for 157
crowns per Semcon share, trumping a bid of 149 crowns made by
Finland's Etteplan  ETTE.HE  last month.
    Etteplan's bid, which Semcon's board at the time
recommended, represented a 31.6% premium to the shares' closing
price the day before. 
        Ratos' bid represents a premium to Semcon's closing
price on Friday of 6%. Stakeholders with a total of 52% of
shares in Semcon have undertaken to, subject to certain
conditions, accept the rival offer, Ratos said. 
  
        Ratos said the acquisition would be a step in its
strategy towards becoming a more homogeneous group. 
  
        "The consulting industry is particularly attractive
given the know-how and experience from the industry that Ratos
employees have in general and the company management in
particular," it said.
  
        Lazard is financial advisor and Kanter legal advisor to
Ratos for the offer.
  
       ($1 = 11.4011 Swedish crowns)
 (Reporting by Anna Ringstrom, editing by Terje Solsvik and
Louise Heavens)
 ((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters
Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))