Cláudia Azevedo “confident” in the new offer on Finnish Musti shares

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The acquisition of less than half of the 90% stake in the Finnish company forced Sonae to activate a kind of ‘plan B’: the creation of a new share acquisition period.

Sonae SGPS informs, following previously released statements, “that the period of the voluntary takeover bid aimed at all outstanding shares of Musti Group Plc, launched by its subsidiary, Flybird Holding Oy, ended on February 15 2024.

Following the purchase of only around 42.99% of the shares and voting rights in the Finnish company, the offeror waived the minimum completion condition of reaching more than 90% of the shares. In this context, Sonae decided to start a subsequent offering period for the shares, which will run between February 21, 2024 and March 6, 2024.

To frame the new operation, Sonae sent a new statement to the CMVM in which Cláudia Azevedo, president of Sonae’s Executive Committee, states that “We are excited to be able to add Musti to our business portfolio and, as such, we have decided to proceed with the offer. We will acquire the shares resulting from the offer and will give Musti shareholders who did not accept the offer the opportunity to do so during the Subsequent Period. We remain confident that the consortium led by Sonae is the ideal shareholder to accelerate Musti’s expansion and focus on meeting the needs of its customers.”

The decision thus attempts to explain what for some was the lack of success of the initial offer – given that, if the conditions had remained unchanged, it would have failed.

When appropriate and necessary, additional communications will be published, in accordance with applicable legislation and regulations and with the recommendations of Portuguese and Finnish market regulators, the text also states, which concludes that “the offer is expected to be completed during the first quarter of 2024”.