PUBLIC OFFER TO BUY POHJOLAN SANOMAT OYJ SHARES CONTINUES AT FIM 40 PER SHARE
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
Vice President, Corporate Communications
Distribution: Helsinki Stock Exchange
For information: Pohjolan Sanomat Oyj
The Financial Supervision of Finland
Mr Heikki Saraste, President, Alpress Oy, tel.+358 9-507 8768
Mr Ahti Martikainen Vice President, Corporate Communications,
tel. + 358 9 507 8514