Japanese Canon for several years glanced at Axis. Now add the company a cash offer of 23.6 billion, or SEK 340 per share, for to devour Axis – an offer that was unanimously recommended by the Board. Axis’ three largest shareholders, with 39.5 percent of the votes, have undertaken to accept the offer.
– Canon intends to provide the resources needed to Axis will be able to strengthen its position in this rapidly evolving market, says Canon Chairman and CEO Fujio Mitarai said in a statement.
The share closed at 227 crowns on Monday, giving a premium of 49.8 percent. About as much rushing Axis shares at the stock market opening.
The three largest shareholders in Axis is Christer Brandberg (Inter Indu AB), Therese Karlsson (LMK Industri AB) and Martin Gren (AB Grenspecialisten). The first two are about 10 million shares, and takes home around 3.4 billion bid. Martin Gren has 7.3 million shares.
– I am optimistic regarding opportunities to further strengthen Axis’ competitiveness through access to knowledge and technology developed by Canon, says Ray Mauritsson, CEO of Axis, in a statement.
A majority of the independent Directors are of the view that Axis has a potential for further growth which can create a greater value than Canon’s offering, it says in a press release.
Axis has over 1900 employees in 49 countries around the world. The Swedish company was founded in 1984 and is listed on the Nasdaq Stockholm. Canon has approximately 192,000 employees.
Mathias Lundberg, telecom analyst at Swedbank says that the offer was somewhat unexpected.
– Yes, it was a bit unexpected, Board, the three main shareholders, have accepted the offer. Therefore, it is very likely that the bid will go through.
What are the Canon to open your wallet?
– Axis is a good company with leading market positions in its segment, premium cameras. It is the market base as Canon wish to access. Axis has also very good profitability. We think that the offer is attractive.
Will the bid to go through?
– Yes, I think most likely. The three main shareholders, founders who own shares in Axis via his companies, could have been a brake but it is not. They have undertaken to accept the offer.
Can it get competitive bids?
– No, I do not see what in that case would be buyers .
offer acceptance period is expected to begin on March 3 and end on or around 1 April. About Canon manage to take over more than 90 percent of the shares in Axis company intends compulsorily acquire the remaining shares.
Canon has engaged Lazard as financial advisor and Mannheimer Swartling as legal advisor in connection with the Offer.
“Canon has great respect for Axis management and dedicated employees and intends to continue the excellent relationship with the hiring and the unique culture that exists within Axis. Axis’ existing management team will remain unchanged after completion of the Offer and Axis headquarters, development centers and sales offices will remain where they are today, “writes Canon in a press release.
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