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Am Donnerstag ist der Kurs in die Höhe geschossen weil ein riesiges Angebot von Nordic Capital vorliegt.

20.03.2008 07:58Nordic Capital's Cidron Services makes 1.1 bln eur bid for TietoEnator

HELSINKI (Thomson Financial) - Nordic Capital said its Cidron Services unit has tabled a 15.50 eur per share cash bid for Finnish IT services provider TietoEnator (News/Aktienkurs) in a deal that values the Finnish IT services group at about 1.11 bln eur.

The offer represents a 38 pct premium to TietoEnator's closing price in Helsinki last night and a 29 pct increase on the average price of TietoEnator's shares since it announced its full-year results on Feb 6.

Cidron plans to formally run its offer to shareholders from April 2-28.

Nordic Capital said it would install Finnish businessman and former TeliaSonera chief executive Harri Koponen as chairman if it is successful in its attempt to take TietoEnator private.

james.etheridge@thomson.com

je/nes

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20.03.2008 09:40TietoEnator board says Cidron bid undervalues co; to fully examine offer

HELSINKI (Thomson Financial) - Cidron Services' unsolicited 15.50 eur-per-share cash bid for TietoEnator, (News/Aktienkurs) the Finnish IT services group, appears at first glance to undervalue the company, TietoEnator's chairman Matti Lehti has said.

'While we will investigate the matter in detail, the preliminary view of the Board is that the offer, which is unsolicited, does not reflect the true value of TietoEnator shares,' Lehti said.

He added the board would also 'analyse other alternatives available to the company.'

Cidron Services' offer values TietoEnator at just over 1.1 bln eur, and represents a 38 pct premium to TietoEnator's closing price in Helsinki last night and a 6.2 pct premium to the six month volume-weighted average price of the share.

 

james.etheridge@thomson.com

 

Hab hier noch einen besseren Bericht gefunden, ist ausführlicher. Mit dieser Meldung ging es ohne Umsätze sofort um fast 40% nach oben.
TietoEnator subject of takeover bid Published: 20 Mar 08 16:39 CET
Online: http://www.thelocal.se/10624/

Cidron Services, a company indirectly owned by the Nordic Capital Fund, has made a hostile takeover bid for the IT consultant company TietoEnator.

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Cidron has made a cash offer of €15.50 ($23.93) per share, valuing TietoEnator at approximately €1.1 billion.

The offer constitutes a 38 percent premium compared with TietoEnator March 19th closing share price of €11.27 per share.

The offer will start on April 2nd and run until April 28th.

Once the offer is fulfilled, TietoEnator would be delisted and Cidron Services intends to appoint Harri Koponen as the chairman, according to a statement from Cidron Services.

Cidron Services doesn’t currently anticipate that its plans for TietoEnator will affect the latter’s personnel or locations in a way that would essentially diverge from TietoEnator's previously announced program for improving profitability.

The offer is conditional on being accepted by stockholders representing at least 90 percent of the shares and votes in TietoEnator.

Cidron Services claims that the challenges facing TietoEnator demand a quicker pace in the restructuring program already underway. The company writes further that a strengthening of TietoEnator’s long-term competitiveness will come at the cost of short-term profitability, which doesn’t suit a publicly listed company.

The board of TietoEnator will evaluate the offer and examine other alternatives, according to a statement.

“While we will investigate the matter in detail, the preliminary view of the Board is that the Offer, which is unsolicited, does not reflect the true value of TietoEnator shares", said board chairman Matti Lehti in a statement.

Cidron’s offer of €15.50 per share of TietoEnator is equivalent to a share price of 145.70 kronor.

Once word of the offer reached the Stockholm stock exchange, TietoEnator shares rose sharply, climbing 42 percent by 9.25am to 150.50 kronor.

TietoEnator shares hovered near the 150 kronor mark much of the day, signaling that the market expects a higher bid for the company.

 

Company Presentation

TietoEnator is an IT service company that develops and hosts digital businesses and provides consulting for its customers.

TietoEnator holds a leading position as a full-scale IT services provider in its home market in the Nordic countries and the Baltic Rim. In the international market, TietoEnator focuses on selected competence areas, aiming to bolster its leadership as the partner for telecom R&D services and its good market position in the forest and oil & gas industries.

The company’s leadership hinges on customer intimacy, knowledge of the customer industries and robust expertise in managing wide-scale changes in business and IT.

TietoEnator works with many internationally leading companies and grows in step with them in their main markets.

 

Major Shareholders as of date 31.01.2008

Shares % Ilmarinen Mutual Pension Insurance Company 1 505 851 2.09 Society of Swedish Literature in Finland 1 298 000 1.80 OP-Delta Fund 1 094 410 1.52 Varma Mutual Pension Insurance Company 942 180 1.31 The State Pension Fund 900 000 1.25 Viljakainen Pekka Antero 649 447 0.90 Tapiola Mutual Pension Insurance Company 600 000 0.83 ABN Amro Finland Mutual Fund 527 786 0.73 Etera Mutual Pension Insurance Company 515 000 0.72 Sampo Suomi Osake Investment fund 410 000 0.57 Tietoenator Oyj 361 650 0.50 Mutual Insurance Company Pension Fennia 313 000 0.43 Säästöpankki Kotimaa Mutual Fund 310 000 0.43 ABN Amro Optimal Mutual Fund 275 852 0.38 Finnish National Fund For Research and Development Sitra 260 012 0.36

TIE1V 20.3.2008 Currency EUR Volume 12 525 203 Previous Close 15,99 Number of Shares (mil) 72,02 Change (%) 41,88 Market Cap (mil) 1 151,65 TIEN 20.3.2008 Currency SEK Volume 1 388 929 Previous Close 149,50 Number of Shares (mil) 72,02 Change (%) 41,37 Market Cap (mil) 10 767,46

 

http://www.tietoenator.com/default.asp?path=1,95,2740

Financials Latest key financials

 

Key figures Q4 2007 Q3 2007 Q2 2007 Q1 2007 Net sales, EUR million 491.3 404.7 434.2 442.2 Net sales growth, % 8 10 5

8

Operating profit (EBIT), EUR million -63.8 20.7 9.9

34.5

EBIT margin, % -13.0 5.1 2.3

7.8

Pre-tax-profit, EUR million -67.7 17.8 8.9

32.4

Basic EPS, EUR -1.00 0.15 0.07

0.33

TietoEnator's financial statements are prepared according to IFRS from Q1 2005 interim report onwards and only annual statements are audited.

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