The 28-krone-a-share bid, 22 percent more than Veripos’s 23-krone closing price on Oct. 11, is 44 percent higher than the stock’s three-month volume-weighted average, Stockholm-based Hexagon said in a statement today. Veripos has more than 33.1 million outstanding shares, according to its website. The stock jumped as much as 25 percent to a record.
The combination “is a good strategic fit,” in which the Swedish company “will provide state-of-the-art positioning technology to Veripos as well as future growth via Hexagon’s onshore markets,” Hexagon Chief Executive Officer Ola Rollen said in the statement. “Veripos has, in turn, built up a strong position in the offshore market and has world-class infrastructure that Hexagon can leverage on immediately.”
Hexagon, whose workforce exceeds 14,000 employees with operations in more than 40 countries, makes measuring instruments used in industries including surveying, power and energy, aerospace and defense, automotive, construction and manufacturing. Veripos, based in Aberdeen, produces positioning equipment for offshore surveying, dredging, offshore construction, seismic exploration and dynamic positioning.
Veripos surged 5.8 kroner to 28.8 kroner, the highest price since the company’s July 26, 2012, initial public offering, as of 9:03 a.m. in Oslo, where the stock is traded.
The offer is subject to approval from at least 90 percent of Veripos’s shareholders, Hexagon said. A five-week acceptance period will start after the Oslo stock exchange approves the offer document, the company said. SEB AB has been Hexagon’s financial adviser in the transaction, the company said.
To contact the reporter on this story: Niklas Magnusson in Stockholm at email@example.com
To contact the editor responsible for this story: Simon Thiel at firstname.lastname@example.org