The Board of Directors evaluates the offer from Ograi
Searchlight Capital Partners together with Lothar Geilen, through Ograi BidCo AB, today announced a public offer to the shareholders of Opus Group AB (“Opus”) to sell all shares in Opus to Ograi BidCo AB at a price of SEK 7.75 in cash per share (the “Offer”).
The acceptance period of the Offer is expected to commence on December 5, 2019 and to expire on January 9, 2020, subject to any extensions. The Board of Directors1 will now evaluate the Offer, obtain a fairness opinion, and announce its opinion regarding the Offer no later than two weeks before the end of the acceptance period.
The Board of Directors of Opus has a strong belief in the future prospects of Opus and will evaluate the Offer in light of that and is also investigating other opportunities in line with its fiduciary duties.
The Board of Directors has engaged Lazard as financial advisor and Vinge as legal advisor in relation to the Offer.
Lothar Geilen is the CEO of Opus. Opus will continue to be run on a business-as-usual basis during the offer period, however with the Chairman of the Board being closely involved in important operational decisions.
Gothenburg, December 2, 2019
Opus Group AB (publ)
This is information that Opus Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out herein, at 07:30 CET on December 2, 2019.
1 Board Member Magnus Greko, indirectly through companies, has undertaken to accept the Offer and he has therefore not participated and will not participate in the Board’s evaluation of or resolutions concerning the Offer.
For additional information, please contact:
Helene Carlson, Director of Corporate Communications & Investor Relations
Tel: +46 765 25 84 93
Katarina Bonde, Chairman of the Board
Opus is a technology-driven growth company in the vehicle inspection and intelligent vehicle support markets. The company has a strong focus on customer service and innovative technology within emission and safety testing and intelligent vehicle support. Opus had approximately SEK 2.5 billion in revenues in 2018 with solid operating profit and cash flow. Opus’ goal is to reach an annual revenue growth of 5-10 percent, through organic and acquisitive growth based on 3-year CAGR, and an EBITA margin of 15 percent. The majority of the growth is estimated to come from the international expansion of the vehicle inspection business, with a primary focus on the Latin American and Asian markets, and the expansion of the intelligent vehicle support business. With approximately 2,600 employees, Opus is headquartered in Gothenburg, Sweden. Opus has 34 regional offices, 24 of which are in the United States and the others in Sweden, Argentina, Chile, Mexico, Peru, Pakistan, United Kingdom, Spain and Australia. Opus has production facilities in the U.S. in Hartford, Ann Arbor and Tucson. The shares of Opus Group are listed on Nasdaq Stockholm.