BALTIC QUEEN and MEGASTAR © Dmitry Sumin
Infortar increases its Tallink ownership to 68.47%
FinanceInfortar's public and voluntary takeover offer to Tallink's shareholders was accepted by 21.71% of Tallink's shareholders. Infortar will invest EUR 88.8 million to purchase Tallink shares, increasing its stake in Tallink to 68.47%, while Tallink will remain listed on the stock exchange.
"When making the offer, we thought it might be attractive to those wishing to exit the region – the assumptions were correct and proved to be true. Most of Tallink's 30,000 shareholders decided to continue, thinking similarly to Infortar," noted Ain Hanschmidt, Chairman of the Board of Infortar.
"Infortar believes in Tallink's business model – their management and entire team have done a good job and successfully navigated the company through various crises. The difficulties related to Covid have been overcome, and business operations have normalized. In addition to the record profit figures for 2023, Tallink has significantly reduced its debt burden and secured a strong financial position," said Hanschmidt.
"Tallink will remain listed on the stock exchange in the future – similar to most other Estonian listed companies – with a minority stake. A strong investor community has emerged in Estonia, and both Infortar and Tallink have gained much as public companies from being listed," stated Hanschmidt.
In early July, Infortar submitted a public and voluntary takeover offer to Tallink's shareholders. As part of the offer, shareholders decided to sell Infortar a total of 161,395,930 shares, representing 21.67% of all shares. Infortar is financing the transaction with its liquid funds, and the purchase price will be paid to the participating shareholders on 9 August of this year. Tallink's operational and financial indicators will be consolidated and reflected in Infortar's next quarterly results.
With this public takeover offer, Infortar is implementing its strategy described in the initial public offering and listing prospectus, according to which the group's strategy in the marine shipping business segment is to increase its stake in Tallink if Tallink's share price on the stock exchange is favourable and regulatory requirements allow it.
© Shippax
Aug 09 2024
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