Translink is advising Nordic ID in the first ever Nasdaq First North cash offer in Finland. On April 15, 2021, Brady S.à r.l, a wholly owned subsidiary of Brady Corporation, announced a public offer recommended by the Board of Directors of Nordic ID Oyj for all shares in Nordic ID Oyj. The Board of Directors of Nordic ID Corporation recommends that the shareholders accept the tender offer based on the Fairness Opinion provided by Translink Corporate Finance Oy.
Jorma Lalla, Chairman of the Board of Nordic ID Corporation, states:
All members of the Board of Directors were truly convinced of the quality, details and reliable recommendations of the preparation and execution of Translink’s takeover project.
Brady S.à r.l. and Nordic ID Plc have signed a combination agreement on April 15, 2021, pursuant to which Brady will make a voluntary public tender offer recommended by the Board of Directors for all issued and outstanding shares of Nordic ID that are not held by Nordic ID or its subsidiaries. In the tender offer, Nordic ID shareholders will be offered a cash consideration of EUR 3.30 per share, based on which the total value of Nordic ID shares in the tender offer is approximately EUR 8.1 million and the enterprise value approximately EUR 10.2 million. The members of Nordic ID’s Board of Directors who participated in the decision-making have unanimously decided to recommend to Nordic ID’s shareholders the acceptance of the Tender Offer.
Juuso Lehmuskoski, President and CEO of Nordic ID Corporation, commented:
The team led by Sami Miettinen managed the confidential Transatlantic process with impressive precision and in accordance with The Helsinki Takeover Code at all times.
The offer consideration for the tender offer includes a premium that is:
- approximately 26.0 percent compared to the closing price of the Shares on the Nasdaq First North Growth Market on April 14, 2021, i.e. on the last trading day prior to the announcement of the Tender Offer;
- approximately 31.7 percent over the six (6) month volume-weighted average price of the Shares on the Nasdaq First North Growth Market ; and
- approximately 36.1 percent over the twelve (12) month volume-weighted average price of the Shares on the Nasdaq First North Growth Market.
Read here Nordic ID’s press release and Translink Corporate Finance Oy’s Fairness Opinion.