Allgon - Takeover offer by Latour Industries

Public takeover offer by Latour Industries of SEK 10. 75… …equals a 30. 5% premium to close on 11 December Offer equals ~8x ‘21e EV/EBITDA on ABGSCe Takeover offer recommended by Allgon’s board This morning it was announced that Latour Industries has made public takeover offer to the shareholders of Allgon to buy all shares in Allgon at a consideration of SEK 10. 75 in cash for each share.

The offer corresponds to a 30. 5% premium to the closing price of 11 December, a 33. 1% premium to volume weighted price of the last 30 trading days and a 41.

1% premium to the volume weighted price of the last 180. Allgon’s Board of Directors has chosen to unanimously recommend that the company’s shareholders accept the public takeover offer, citing the benefits of long-term owner like Latour given Allgon’s current growth plans. The completion of the offer is however dependent on Latour becoming the owner of shares representing more than 90% of the outstanding shares and votes.

Owners representing 49. 3% has accepted the offer In conjunction with takeover offer, it was announced that owners representing 49. 3% of the outstanding shares and votes in Allgon has undertaken to accept the offer.

The group consists of owners such as Verdane Capital, Tibia Konsult AB, Ola Samelius, Bertil Görling and Akei. Total offer corresponds to SEK 604m The offer of SEK 10. 75 per share corresponds to a value of SEK 604m based on all issued and outstanding shares in Allgon, which amounts to approximately 56.

2mn shares. Based on our 2021 estimates, the offer corresponds to an EV/EBITDA of ~8x, an EV/EBIT of ~11x and a P/E of ~19x.