Concentric has applied for delisting of its shares from Nasdaq Stockholm
On August 29, 2024, Circle BidCo ApS ("Circle BidCo"), a wholly owned, indirect subsidiary of A.P. Møller Holding A/S, announced a public offer to the shareholders of Concentric AB ("Concentric" or the "Company") to tender all their shares in the Company to Circle BidCo at a price of SEK 230 in cash per share (the "Offer"). On October 18, 2024, Circle BidCo declared that all conditions for the completion of the Offer had been fulfilled and that the Offer had been accepted by shareholders with a total of 35,594,579 shares in Concentric, corresponding to 95.36 per cent of the outstanding[1] shares and votes in Concentric.
Circle BidCo has today initiated a compulsory buy-out of the shares in Concentric not held by Circle BidCo and has requested that the board of directors of Concentric applies for delisting of the shares in Concentric from Nasdaq Stockholm.
Against this background, the board of directors of Concentric has, in accordance with Circle BidCo’s request, applied for delisting of the shares in Concentric from Nasdaq Stockholm. Concentric will announce the last day of trading as soon as Nasdaq Stockholm has confirmed the date to Concentric.
The board of directors of Concentric has furthermore, at the request of Circle BidCo, decided to convene an extraordinary general meeting for the election of a new board of directors, among other things. The notice will be published through a separate press release.
For further information, please contact Marcus Whitehouse, Tel: +44 121 445 6545 or E-mail: info@concentricab.com
[1] Exclusive of 970,715 shares held in treasury by Concentric.
Concentric AB is an innovator in flow control and fluid power, supplying proprietary systems and components to the world’s construction, truck and bus, agricultural machinery, industrial equipment, and energy system application end-markets. The company has a global manufacturing presence including in North America, Germany, UK, Sweden, India and China. Concentric’s focus is to develop world class technology with innovative solutions that meet the sustainability needs of our customers.
Concentric offers engine products including lubricant, coolant and fuel pumps and hydraulic products encompassing gear pumps and power packs. Concentric also offers a range of electric products developed for the evolving electric and hybrid powertrain market, including electric water and oil pumps, electric fans, thermal management systems, high-voltage components, and electro hydraulic steering. These electric products are also finding uses in new applications in new markets in the energy system sector. In 2023, the Group had a turnover of MSEK 4,205 and circa 1,282 employees.