Penneo: Visma with a takeover offer of DKK 16.5/share - ABG

Bid of DKK 16.5/share is a ~110% premium to last close
Several major shareholders intend to accept the offer
Offer corresponds to 4.9-4.0x EV/ARR in '25e-'26e


Visma with a takeover offer of DKK 16.5/share

This morning, Visma announced an all-cash voluntary public takeover offer for all shares in Penneo for DKK 16.5/share, representing a ~110% premium to yesterday's close (28 November). The BoD has said it intends to recommend shareholders to accept the offer. Major institutional shareholders (including Viking Venture) have irrevocably undertaken to accept the offer. ATP (holding 9.9% of voting rights and share capital) has also confirmed its intention to accept the offer absent any superior competing offer. In total, ~52.9% of shareholders have either entered into irrevocable undertakings or confirmed their intentions to accept the offer. Visma will as soon as possibly and no later than four weeks from today publish a detailed offer document. The offer will be made subject to a number of conditions, as well as require that the total number of tendered shares amounts to more than 90%.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/penneo/Equity-research/2024/11/penneo---visma-with-a-takeover-offer-of-dkk-16.5share/