Snark BidCo Secures Majority Stake in Sleep Cycle, Further Extends Takeover Bid
Snark BidCo said Friday it received tenders for 15,104,421 Sleep Cycle (SLEEP.ST) shares, which represent a 74.5% stake, upon expiry of its extended takeover offer for the sleep tracking software company on Thursday. Snark BidCo, which is controlled by Altor Fund V (No. 1) and Altor Fund V (No. 2), added that it decided to waive the 90% acceptance level condition under its public offer. As all other requirements for the transaction have been satisfied, Snark BidCo will acquire all tendered shares and will complete the acquisition. The acceptance period for the remaining shares was further extended to July 17. In May, Snark BidCo offered 24.50 kronor in cash for each Sleep Cycle share, valuing the latter's entire share capital at 497 million kronor, and Sleep Cycle's board recommended that shareholders not accept the offer.
Snark BidCo said Friday it received tenders for 15,104,421 Sleep Cycle (SLEEP.ST) shares, which represent a 74.5% stake, upon expiry of its extended takeover offer for the sleep tracking software company on Thursday.
Snark BidCo, which is controlled by Altor Fund V (No.
1) and Altor Fund V (No.
2), added that it decided to waive the 90% acceptance level condition under its public offer.
As all other requirements for the transaction have been satisfied, Snark BidCo will acquire all tendered shares and will complete the acquisition.
The acceptance period for the remaining shares was further extended to July 17.
In May, Snark BidCo offered 24.50 kronor in cash for each Sleep Cycle share, valuing the latter's entire share capital at 497 million kronor, and Sleep Cycle's board recommended that shareholders not accept the offer.