Oras Invest has signed an agreement to sell its 20.01 per cent shareholding in Tikkurila directly to PPG for EUR 34.00 per share. Oras Invest’s decision provides increased overall deal security and a significantly higher price that will be offered to all Tikkurila shareholders by PPG in the public tender offer.
“Tikkurila is a great company with strong brands and historical roots. Over the past weeks several industrial companies have shown interest to become Tikkurila’s new owner. We at Oras Invest have evaluated the situation carefully and made a decision to sell our Tikkurila shareholding directly to PPG. In our decision-making we considered three key aspects: increased overall deal security, the significantly higher price that will be offered to all shareholders and strong industrial logic and support for Tikkurila’s growth prospects. We are pleased to be a part of this solution that sets a clear path forward”, says Annika Paasikivi, President and CEO, Oras Invest.
The agreement to sell its Tikkurila shares directly to PPG replaces Oras Invest’s earlier commitment to accept PPG’s public tender offer. The transfer of shares is expected to take place in March 2021, promptly after PPG’s receipt of relevant authority approvals.
In addition, other key shareholders in Tikkurila, Mandatum Life Insurance Company, Varma Mutual Pension Insurance Company and Kaleva Mutual Insurance Company, have today sold in total 9.32 per cent of Tikkurila shares to PPG.
PPG has updated its public tender offer to reflect the same EUR 34.00 price per share to all shareholders and lowered the acceptance level of the offer from 90 per cent to 66.7 per cent. The Board of Directors of Tikkurila recommends shareholders to accept the offer.