The thing updated.
The board of the computer company Evry recommend a bid put forward by investment fund Apax. Bid 16 per share, which is just over a penny lower than the closing price of 17.20 dollars on Friday.
It informs Evry in a stock exchange announcement Monday morning.
Majority owners Telenor and Posten has accepted the bid. The two major shareholders together own 70.24 percent of the shares. In addition, Folketrygdfondet which owns 3.15 percent of the shares agreed to sell.
– Technology is a strong contributor to economic growth, and it will be shaping the future of society. This will create significant growth opportunities for the IT industry, says Evry chief Terje Mjøs in a statement Monday.
He adds that he believes offer from Apax confirms and emphasizes these growth opportunities.
I am convinced that private ownership will benefit the company in the next phase of profitable growth, and we look forward to accelerate and expand our strategy together with Apax to fulfill our goals and aspirations, continues Mjøs.
The Board also reports that they unanimously support the sale of the company to Lyngen Bidco, which indirectly controlled by Apax Funds.
Started hunt in August
Evry told in August that the company was looking for new owners, since Posten and Telenor no longer saw it as appropriate to own a large IT company.
Apax is an international investment fund with headquarters in London. They operate globally and has more than 30 years of investing experience. The fund has investments in retail, health, service industries, as well as technology and telecom. Among other fund owns plantation in Norway before.
– Apax believes that EVRY has a unique position in Norway and Sweden, and look forward to working with management and employees to position EVRY to deliver accelerated growth and increased competitiveness, says partner Rohan Haldea in Apax Technology & amp ; Telekom in the press release.
The company reports that evry headquarters will remain in Oslo, and the management will be the same.
A way out
Evry reports, however, that the Board has secured the opportunity to continue to look for other providers.
This means that if a higher bid for the company being promoted may Evry choose to cancel the agreement with Apax, if the Fund is not within five days meeting the competing bid.
The competing offer must be equal to an improvement of at least ten percent of the bid price.
Battle for Evry according to Dagens Næringsliv been fought in competition with the Swedish-Finnish IT company Tieto and US investment fund Apollo.
Trouble in summer
Earlier this year ended Evry in rough weather in connection with one of their biggest customers DNB struggled to keep online bank upstairs. Since the end of summer, it has been quiet around the company, which is Norway’s largest IT company.
Evry including Telenor, DNB and Posten among its customers.
Monday Deals appreciate Evry to 4.27 billion adjusted for treasury shares.
E24 has been in contact with Evry that will come back with a comment shortly.
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