Nordic Paper Says Major Stakeholder, Shanying International, Intends to Sell Its Shares
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Nordic Paper Holding AB announced that Shanying International Holding Co., Ltd intends to sell all or part of its stake in Nordic Paper.
Nordic paper noted that Shanying's intentions are at an early stage and that there can be no guarantee that a sale will be achieved or at what terms, including price.
According to Nordic Paper, Shanying currently holds 48.16% of the outstanding shares in Nordic Paper. A sale of a part or all of Shanying's stake to a third party may trigger the need for a mandatory tender offer for all shares in Nordic Paper.
In a press statement, Nordic Paper said, "Given this situation, the Board of Directors of Nordic Paper has decided to initiate a process to explore potential interest from third parties for all shares in the Company. The purpose of the process is to seek the best possible value and outcome for all shareholders in Nordic Paper.
"The process may ultimately result in a public tender offer for all outstanding shares in Nordic Paper where shareholders would have the choice of whether or not to accept the offer. Any such offer would include, inter alia, an opinion regarding the offer from the Board of Directors of Nordic Paper, represented by an independent bid committee, and the provision of a fairness opinion from an independent financial advisor," the company concluded.
The Board of Nordic Paper has engaged BofA Securities as financial advisor and Vinge as legal counsel.
