Autoliv makes buyout offer

TALLINN - The Norwegian company Autoliv made a takeover bid to shareholders of Estonian car seatbelt producer Norma on March 1, reports news agency LETA. Autoliv has opened with an offer of 92.31 kroons (5.90 euros) per share to Norma shareholders, which is a premium of 28.3 percent to the closing price of Norma’s shares on the Tallinn bourse at the previous close. Autoliv owns 6,732,000 shares of Norma, representing 51 percent of all shares of Norma and of votes represented by such shares.

Norma told the Tallinn bourse that Autoliv has agreed with shareholders representing 26.44 percent of the share capital of Norma that, in case it makes a cash offer for all shares of Norma it does not already own at a price of not less than 92.31 kroons per share, then such investors will accept the offer in respect of all shares of Norma owned by them. Apart from this, Autoliv has not entered into any agreements with any third person for the purpose of acquiring any additional shares of Norma.
Norma has issued a total of 13,200,000 registered common shares, each with the nominal value of 10 Estonian kroons. All shares of Norma are freely transferable. All shares of Norma are listed on the Tallinn Stock Exchange. The offer is made in respect of all shares of Norma which are not already owned by Autoliv, or 6,468,000 shares representing 49 percent of all shares of Norma.

The open period for accepting the offer shall commence on March 17, 2010 and end on April 14, 2010. The obligation of Autoliv to purchase any shares of Norma in the course of the offer shall take effect only in case that Autoliv has received, in the course of the offer, valid acceptances for such number of shares of Norma which, together with shares of Norma it already owns, represent at least 90 percent of all shares of Norma and of all voting rights represented by such shares.