Etteplan Oyj (ETT1V), the supplier of industrial technology design services, rose the most in 20 months in Helsinki trading after main owner Ingman Group Oy Ab bought enough shares to require a takeover bid.
Etteplan rose as much as 14 percent to 3.54 euros, the most since Dec. 5, 2011 and the highest price since Nov. 12, 2008. The stock gained 7.7 percent at 12:02 p.m. local time with volume more than double the three-month daily average.
Ingman, an investment company owned by its namesake family, raised its holding to 30.52 percent of shares and votes from 28.99 percent, according to a statement published today. Ingman must make a takeover bid for all the remaining shares in Etteplan as its holding exceeds 30 percent, according to the Finnish Securities Markets Act. Etteplan revenue has more than doubled to 135 million euros ($180 million) since 2004.
Etteplan shares were placed under observation at Nasdaq OMX Helsinki today after trading was halted at open and resumed after an auction held at 10:15 a.m. local time. Ingman has been buying the shares since 2006, when it had a 3.4 percent stake. Ingman’s other holdings include Evli Bank Oyj and Digia Oyj.
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