Sonae extends OPA deadline on Musti

The Sonae Group decided to extend the term of Musti's OPA, which expired today, for another 15 days, after canceling the requirement to reach 90% in the event of a stake greater than 40% being confirmed. So far, according to a statement issued at the CMVM, the Maio Group has managed to buy 42.96% of Musti. The statement indicates that this operation was planned from the beginning of the operation, as Sonae chose to activate the clause in question.

Sonae, following announcements made on November 29 last year, December 15, 2023 and February 1, 2024, announces the period of a voluntary public takeover (OPA) offer targeting all outstanding shares of Musti Group Plc, launched by Flybird Holding Oy, a subsidiary of Sonae. , and ended on February 15, 2024.

“Based on the preliminary result of the Offer, the total number of Offer Acceptances plus shares acquired or retained by the Offeror (including shares to be contributed by consortium members to the Offeror) represents approximately 42.96% of the shares and voting rights in the Company, calculated On a fully diluted basis.”

Accordingly, Sonai says, “the offeror has decided to waive the minimum completion condition of reaching more than 90% of the shares and voting rights in the company, and to complete the offer in accordance with its terms and conditions and begin a subsequent offer period, provided that the final result of the offer is confirmed, which will be confirmed.” announced on February 20, 2024, that the shares accepted during the Offer Period, plus shares acquired or retained by the Offeror (including shares to be contributed by the Offeror (Consortium Members)) represent more than 40% of the Company's shares and voting rights, calculated at Fully diluted foundation.

“The subsequent period is expected to begin on February 21, 2024 and end on March 6, 2024, allowing Musti shareholders who did not accept the offer during the offer period to do so in the subsequent period.” “The offering is expected to be completed during the first quarter of 2024.”

It is reported that on January 25, Flybird Holding Oy, a subsidiary of Sonae, increased the offer price for shares in Musti, the Finnish animal products retail group. The Flybird-led consortium began offering 26.1 euros per Musti share, more than the 26 shares initially expected.

The increase in offer is due to the fact that the redistribution of shares between two accounts controlled by David Runeberg, CEO of Musti and one of the members of the consortium, was mistakenly executed as a share transaction with third parties on the stock exchange at a price that Musti states: 26.1 euros per share.

The Finnish company is valued at more than 868 million euros.

Brussels authorized the purchase of Mosti by the Sonae-led consortium. The group launched a public bid to take over the entire Mosti region at the end of November – having acquired a minority stake. The deal was also approved by the Finnish Financial Supervision Authority.