News Article
Light adds automation
Micronic Laser Systems AB acquires MYDATA automation AB
Micronic Laser Systems AB has announced that it has acquired MYDATA automation AB.
This was first outlined with a Letter of Intent announced on 21 April 2009. According to the Agreement, Micronic acquires MYDATA from Skanditek Industriförvaltning AB (”Skanditek”) and MYDATA’s minority shareholders. The Agreement comprises all shares in MYDATA. Consideration for the shares in MYDATA is made in the form of newly issued Micronic shares. Following the Transaction, Skanditek will be the largest shareholder in Micronic owning approximately 38 per cent of the capital and votes.
The Transaction is conditional upon that an extraordinary general meeting (“EGM”) in Micronic, planned to be held on 2 July 2009, approves the new share issue of approximately 26.1 million shares as well as an amendment of the articles of association in order to enable the new share issue, which requires support of shareholders representing not less than 2/3 of the votes cast as well as of the shares represented at the EGM.
The Transaction implies that Micronic will issue new shares as consideration for the acquired MYDATA shares so that MYDATA Shareholders after the Transaction become owners of 40 per cent of the shares in Micronic. Based on Micronic’s closing share price on NASDAQ OMX Stockholm on 18 May 2009 of SEK 11.65, the market capitalisation of Micronic totals SEK 456 million, entailing that the Transaction values MYDATA to SEK 304 million.
The intention is that Skanditek will have the right to appoint two of five (or corresponding ratio) board members in connection with Micronic’s EGM. Skanditek undertakes, with limited exceptions, not to sell the Micronic shares that has been received in the Transaction for a period of 24 months from the EGM. Catella funds, being the second largest shareholder in Micronic (with 9.8 per cent of capital and votes) as well as the largest institutional shareholder (with 19.3 per cent of capital and votes) in Skanditek , supports the Transaction and intends to vote in favour thereof at the EGM.
Carnegie is acting as financial adviser and Advokatfirman Vinge is acting as legal adviser to Micronic in connection with the Transaction.
This was first outlined with a Letter of Intent announced on 21 April 2009. According to the Agreement, Micronic acquires MYDATA from Skanditek Industriförvaltning AB (”Skanditek”) and MYDATA’s minority shareholders. The Agreement comprises all shares in MYDATA. Consideration for the shares in MYDATA is made in the form of newly issued Micronic shares. Following the Transaction, Skanditek will be the largest shareholder in Micronic owning approximately 38 per cent of the capital and votes.
The Transaction is conditional upon that an extraordinary general meeting (“EGM”) in Micronic, planned to be held on 2 July 2009, approves the new share issue of approximately 26.1 million shares as well as an amendment of the articles of association in order to enable the new share issue, which requires support of shareholders representing not less than 2/3 of the votes cast as well as of the shares represented at the EGM.
The Transaction implies that Micronic will issue new shares as consideration for the acquired MYDATA shares so that MYDATA Shareholders after the Transaction become owners of 40 per cent of the shares in Micronic. Based on Micronic’s closing share price on NASDAQ OMX Stockholm on 18 May 2009 of SEK 11.65, the market capitalisation of Micronic totals SEK 456 million, entailing that the Transaction values MYDATA to SEK 304 million.
The intention is that Skanditek will have the right to appoint two of five (or corresponding ratio) board members in connection with Micronic’s EGM. Skanditek undertakes, with limited exceptions, not to sell the Micronic shares that has been received in the Transaction for a period of 24 months from the EGM. Catella funds, being the second largest shareholder in Micronic (with 9.8 per cent of capital and votes) as well as the largest institutional shareholder (with 19.3 per cent of capital and votes) in Skanditek , supports the Transaction and intends to vote in favour thereof at the EGM.
Carnegie is acting as financial adviser and Advokatfirman Vinge is acting as legal adviser to Micronic in connection with the Transaction.
