Swiss Life AM entity launches tender bid targeting Everfuel

An affiliate of Swiss Life Asset Management AG has formally kicked off its unregulated recommended voluntary cash bid to buy all shares of Danish green hydrogen company Everfuel A/S (OSE:EFUEL) other than treasury shares or those held by the so-called rollover shareholders.

The newly incorporated Danish private limited liability company Faro BidCo ApS has launched the NOK-13-per-share offer on Monday, September 2, and will hope to secure the acceptance of holders of more than 90% of the targeted issued and outstanding share capital and voting rights of Everfuel on a fully diluted basis by the expiration date of October 7, 2024. The offer values Everfuel’s equity at about NOK 1.12 billion (USD 105m/EUR 95.4m) in total.

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As previously reported, Everfuel’s three largest shareholders intend to roll over their shares and form an ownership consortium with the Swiss Life AM entity. The rollover shareholders are E.F. Holding ApS, HvVC ApS and Clean H2 Infra Fund S.L.P., and they represent some 75.05% of the company's outstanding share capital.

At the same time, BankInvest and some other institutional shareholders, together representing about 3% of the outstanding shares, have indicated their support for the offer, which is also recommended by the board of directors.

In addition to the minimum acceptance condition, the offer is conditional upon being approved by regulators. Its bid period could be extended for a maximum of ten weeks ending on November 11, 2024. Completion could be achieved in the final quarter of the year and is likely to be followed by a squeeze-out and delisting.

(NOK 10 = USD 0.942/EUR 0.852)