Brødrene A & O Johansen Kicks Off Voluntary Offer for Norway's Elektroimportøren

Brødrene A & O Johansen (AOJ-B.CO) on Friday launched a voluntary cash offer for Elektroimportøren (ELIMP.OL) at 22 Norwegian kroner per share, valuing the electrical products supplier at 1.12 billion kroner. The Danish technical installation materials supplier Brødrene has secured pre-acceptances from shareholders representing 46.65% of Elektroimportøren's share capital, and Elektroimportøren's board unanimously backed the proposal. The offer period will run through Aug. 5. Subject to regulatory clearances and 90% of Elektroimportøren's shareholders accepting the offer. The deal is expected to close in the third quarter.