Ograi the bidder, has 25% acceptance rate

The bid is conditional of at least 70% acceptance rate

RWC (19.9% of shares) rejects the bid

Current CEO behind bid, has both founders on board
Ograi (backed by Searchlight Capital Partners) has announced a cash offer for Opus Group at a price of SEK 7.75 per share, a premium of ~30% from Friday’s close. 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. Ograi has secured 25% of the shares upon announcement, including current CEO Lothar Geilen (who also participate in the bid through Searchlight) and both founders Magnus Greko and Jörgen Hentschel. Among other things, the offer is conditional on an acceptance rate of at least 70 percent of the total number of shares outstanding in Opus.

Ograi would like to take Opus private
Searchlight sees a ramp up in investments in the coming years as the share of electrical vehicle increases and thinks it is best done as a private company, without the scrutiny of the public market. However, it state that they can reach its strategic goals for the business if they reach 70 percent acceptance rate. In order to take Opus private, Searchlight will need a 90 percent acceptance rate.

The board has until Christmas to take a stance
The British fund RWC might complicate the bid as it holds 19.9% of the shares and has announced that it will not tender its shares as it thinks the bid undervalues Opus. The board of directors for Opus will also give its view on the offer, but has until two weeks before 9 January to do so.

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