Estonia's largest investment company, Infortar, has submitted a request to the Financial Supervision Authority to organize a public and voluntary takeover offer for Tallink shares. According to the proposal, Tallink will remain on the stock exchange. “Estonia’s economy has been in decline for the ninth quarter in a row, the country’s rating has become one notch lower, and geopolitical risks remain high. If Tallink has shareholders who doubt the economic prospects of our region, this proposal will create liquidity in the market and allow them to consider an exit,” said Infortar Chairman of the Board Ain Hanschmidt. “Infortar believes in the financial and market position of Tallink and plans to maintain the company as a publicly listed company, but it must be taken into account that, for example, according to large international investors, the liquidity and market depth of the company is limited – the average daily turnover of Tallink shares last year reached 175,000 euros,” said Hanschmidt. This is a voluntary takeover offer: shareholders have no obligation, but have the opportunity to choose whether to accept the offer or not. Infortar treats shareholders equally and the public offer applies to all Tallink shareholders. Infortar intends to submit the proposal from the beginning of July this year, subject to the approval of the Financial Supervision Authority. The offer will be valid for 35 days. Infortar plans to offer Tallink shareholders 0.55 euros per share. Depending on the timing of the entire process, shareholders will also receive a prior year dividend of 6 cents per share regardless of whether they plan to exercise their right to sell. The proposed price is close to the average price of Tallink shares over the last three years, which is 0.61 euros per share. A year ago, in June 2023, Tallink's share price was EUR 0.56 per share. To accept the offer, a Tallink shareholder must contact the bank managing his securities account and submit an order accepting the offer. The operation is carried out through the Central Register of Securities of Estonia. Infortar has the necessary financial resources to complete the acquisition. With this public takeover offer, Infortar is implementing the strategy described in its initial public offering and prospectus, whereby the group's intention in the shipping segment is to increase its stake in Tallink if Tallink's stock price is favorable and regulatory requirements allow it. Read RusDelfi wherever it is convenient for you. Follow us on Facebook, Telegram, Instagram and even TikTok.
