Shareholders accounting for 98.82 per cent of the shares in Norway's Kongsberg Automotive ASA have accepted the bid for the company from Vikaberg Industri AS, a Norwegian company established by Industri Kapital.
"Management and trade union officials at Kongsberg Automotive have expressed a positive view of us as the new owner," says Industri Kapital director Kim Wahl. "The response from shareholders show that they are satisfied with the offer price. We look forward to continuing to develop the group as a leading international niche supplier to the car industry."
Finalisation of the acquisition is conditional on the necessary approvals being received from the authorities on acceptable terms, including the statutory assessment by the Ministry of Industry and Trade.
A provisional count shows that Vikaberg Industri has received acceptances from the owners of 4 294 620 Kongsberg Automotive shares. The offer price at NOK 105 per share values equity capital in the group at NOK 464 million. This voluntary cash bid to acquire all the shares in Kongsberg Automotive ran from 1 March to 19 March this year. It was conditional on Vikaberg Industri securing more than 90 per cent of the outstanding shares on a fully diluted basis.
Industri Kapital 1997 fund is the majority shareholder of Vikaberg Industri, with the minority shareholders BancBoston Investments Inc and Frode Strand Nielsen Invest AS owning 15 and 3.6 per cent respectively.