Technology company IAR Systems has received a recommended buyout offer from Qt Company, valued at SEK 180 per share and payable in cash. According to a press release, this represents a premium of approximately 66.4 percent compared to IAR's most recent closing share price.
The offer values the entire IAR at around SEK 2.29 billion.
IAR's board of directors has unanimously recommended the offer. Major shareholders Alcur Fonder, Andra AP-fonden, and Tredje AP-fonden, who together represent about 25.8 percent of the outstanding shares, have committed to accepting the offer. In addition, several other shareholders holding approximately 10.9 percent of the shares have confirmed their support and intend to accept the bid.
The acceptance period will begin on August 18 and is expected to close around September 25.
Qt Company is a subsidiary of the Finnish software firm Qt Group, which is listed on the Helsinki Stock Exchange.
"By combining Qt Group and IAR, we will expand our total addressable market, strengthen our global presence and customer offering, while supporting IAR's transition to a subscription-based business model--a journey we understand well, as we have successfully completed it ourselves. We have therefore made an attractive offer to IAR's shareholders that reflects the benefits we see as possible as an integrated part of Qt Group," said Juha Varelius, CEO of Qt Group.
