Rörvik Timber’s board has rejected Meerwinds’ takeover bid for the company as inadequate.
Rörvik said the bid of SKr0.67 per share was “not enough” and did not reflect the company’s value over time.
It is therefore recommending shareholders and warrant holders not to accept the bid.
“Initially the board finds that Meerwinds supports the company’s current nature of business and therefore the offer will have no significant impact on employment or on the sites where the company operates,” it said.
The Rörvik board instructed HQ Bank AB to issue an opinion on the fairness of the bid. The bank said the bid could not be considered fair from a financial perspective.
Rörvik believes that its successful recent reorganisation, including reduction of debt by SKr250m and a SKr250m new share issue, mean that in the long-term the company has the potential to justify a higher value than the Meerwinds offer.
