Insplanet share has dropped sharply in Monday trade. The following information that Bonnier has chosen not to exercise an option to buy another 8.4 million shares in the company.
Bonnier will not exercise its option to buy the insurance intermediary Insplanet, according to a press release before Monday’s opening.
Bonnier since 2014, the main owner of Insplanet and owns 25 percent stake in the company. Bonnier has since had an option to acquire an additional 62 percent of the company’s outstanding shares using call options issued by shareholders. The call options can be exercised during the period 1 March to 30 April 2016 an exercise price of SEK 15 per share.
“The existing cooperation between Bonnier and Insplanet not affected by Bonnier’s decision to renounce the use of options. The companies have a number of ongoing collaborations that take place on a commercial basis and mutual ambition is to continue to develop them further, “wrote Insplanet in the press release.
Insplanet share has since dropped 18 percent to SEK 9.45 in Monday trading. The lowest shares were traded at a price of SEK 8.55 this morning.
The technology news website Breakit Insplanets says CEO Daniel Soussan that he “can not answer why they (Bonnier)” chose not to use the options. Soussan say they have been told late on Sunday.
Bonnier communications manager David Salsbäck would not comment on the decision in detail Breakit. “The decision was taken recently, but the reasoning behind is not commenting publicly. We choose who said to remain as a major shareholder at 25 percent,” he says.
Henry Stangel, outgoing Ad Manager, Bonnier News, will remain as Chairman of the Board of Insplanet. Nor did he want to immerse themselves about the background to the decision. “In this case, the Bonnier think that it is good to remain as principal owner,” says Stangel to Breakit.
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