Crayfish Bidco Oy, a company controlled by Triton, said on Thursday it has bought a 9.9% stake in Finnish construction company Caverion Oyj, following the Swedish venture capital group’s $1.17 billion takeover bid on Tuesday.
The move signals Triton’s strong commitment to the tender offer, Crayfish said.
Triton on Tuesday offered Caverion shareholders 8 euros for each share through the private liability company Crayfish.
Triton’s takeover offer represents a premium of 14.3%, which exceeds a bid of 7 euros announced in November by North Holdings, a Bain Capital-led consortium that had valued Caverion at 955 million euros ($1 billion).
It seeks the support of Caverion’s board for its takeover and hoped to complete the deal in the third or fourth quarter.
Source: Reuters.com