PUBLIC OFFER TO BUY POHJOLAN SANOMAT OYJ SHARES CONTINUES AT FIM 40 PER SHARE
1/2 ALMA MEDIA CORP.STOCK EXCHANGE BULLETIN 29 October 1998,at 12.00 PUBLIC OFFER TO BUY POHJOLAN SANOMAT OYJ SHARES CONTINUES AT FIM 40 PER SHARE It has been decided to extend the public offer made by Puossakka Oy to purchase the Pohjolan Sanomat Oyj shares until 30 November 1998. From 2 November 1998 the offer price will be FIM 40 per shares. Trading of the shares is being handled by assets management offices of the cooperative banks and Okopankki Oyj. Alma Media Group now holds 64.7 % of the companys shares and 47.5 % of the voting rights. On 10 September 1998 Puossakka Oy, a subsidiary of the Alma Media Group, made a public offer to acquire all the A and K shares of Pohjolan Sanomat Oyj. When the offer period commenced, Alma Media Group owned 45.0 % of the shares and 30 % of the voting rights in Pohjolan Sanomat Oyj. According to the original offer the shares in both series would be purchased for FIM 32 per share. Furthermore, if Alma Media Groups holding should increase during the offer period to at least two-thirds of the stock, a premium of FIM 8 per share would be paid. The offer period commenced on 21 September 1998 and was intended to expire on 30 October 1998. By 29 October 1998 Alma Media Groups holding had risen to 64.7 % of the Pohjolan Sanomat Oyj stock, which corresponds to 47.5 % of the voting rights. The situation today suggests that Alma Medias holding will probably reach two-thirds of the stock during the current week which, according to the original terms of the offer, would mean an increase in the share offer price to FIM 40. To ensure that all shareholders have ample opportunity to consider Puossakka Oys offer price of FIM 40 per share, it has been decided to extend the offer until 30 November 1998. From Monday 2 November 1998 Puossakka Oy will pay FIM 40 for each A and K series share of Pohjolan Sanomat Oyj. Shareholders who have sold their shares for FIM 32 per share during the offer period will be paid a premium of FIM 8 per share on 4 November (estimated) as required by the terms of the offer. Share trading is being handled by assets management offices of the cooperative banks and Okopankki Oyj, which have copies of the original Public Offer and a supplement concerning the change to the original terms concerning the offer period and offer price. The offer period was extended, states Mr Heikki Saraste, President of Alpress Oy, because by the end of the original offer period Alma Medias holding had risen very close to the limit which would require a higher payment price per share. "By extending the period, we wish to ensure that all shareholders have time to respond to the changed offer price. Furthermore, the companys shares are still in the process of transfer to the book-entry system. Information about the offer has not yet reached all shareholders," Mr Saraste states. ALMA MEDIA CORPORATION Ahti Martikainen Vice President, Corporate Communications Distribution: Helsinki Stock Exchange Principal Media For information: Pohjolan Sanomat Oyj The Financial Supervision of Finland Further information: Mr Heikki Saraste, President, Alpress Oy, tel.+358 9-507 8768 Mr Ahti Martikainen Vice President, Corporate Communications, tel. + 358 9 507 8514
- Date: 29.10.1998, 08:00
- News type: Stock exchange release
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