Norvik hf, through its subsidiary Kivron AB, has publicly announced a takeover offer for Bergs Timber AB at SEK 44.50 per share, totaling approximately SEK 1.54 billion, Bergs Timber announced. The offer represents a significant premium of 86.2% over the closing price of SEK 23.90 on Nasdaq Stockholm on 26 October 2023.
The day before, Bergs Timber reported that third-quarter EBITDA fell 37% due to weak construction industry.
Norvik, already the largest shareholder with 58.67% of shares, has set conditions, including obtaining over 90% of outstanding shares and regulatory approvals. In its public announcement, Bergs Timber's Board recommended shareholders accept the offer, considering its fairness and potential impact on the company's liquidity.
Following the announcement of Norvik's takeover offer, Bergs Timber's shares experienced a remarkable surge of 82%.
In 2018, Bergs Timber AB has acquired Norvik hf’ operations in Latvia, Estonia, and the UK, including Vika Wood. The acquisition was aimed to diversify Bergs Timber's product offerings and enhance overall profitability. In 2016, Bergs Timber completed acquisition of Jarl Timber from Norvik.
