Visma’s offer for Penneo accepted by more than 90 percent of shareholders
Preliminary results confirm that all conditions for Visma’s offer have been met.
Visma has today announced the preliminary results of its voluntary recommended public takeover offer for all outstanding shares in Penneo, a B2B SaaS provider listed on the Nasdaq Copenhagen stock exchange in Denmark.
The voluntary cash offer of DKK 16.50 per share was first announced on 29 November 2024, and then officially launched by Visma’s wholly owned subsidiary Visma Danmark Holding A/S on 19 December 2024. The offer period expired on 21 January 2025 at 23:59 (CET).
Based on Visma’s preliminary and non-binding summation of acceptances, the offer has received preliminary acceptances representing 32,730,282 shares, including Penneo warrantholders’ irrevocable undertakings to exercise their Penneo warrants and sell the underlying shares to Visma, corresponding to approximately 91.52 per cent of the share capital and voting rights of Penneo (calculated on a fully diluted basis).
The calculation of the number of Penneo shares tendered in the offer is preliminary and remains subject to potential adjustments through a verification process currently being undertaken by Nordea Danmark, Filial af Nordea Bank Abp, Finland.
All conditions fulfilled
With acceptances from more than 90 percent of Penneo shares (calculated on a fully diluted basis) and regulatory clearance already received, Visma considers all conditions of the offer as fulfilled. The final results of the offer will be announced no later than 27 January 2025.
Visma will as soon as possible seek to initiate and complete a compulsory acquisition of the Penneo shares held by the remaining minority shareholders of Penneo and also have the Penneo shares removed from trading and official listing on Nasdaq Copenhagen.
For additional information, please see Visma’s press release from the announcement of the offer on 29 November 2024, and today’s stock exchange release from Penneo.
For more information, please contact:
Lage Bøhren, Director of Communication at Visma, Telephone: +47 92 15 78 01
Sindre Talleraas Holen, Head of M&A at Visma, Telephone: +47 93 05 94 69
sindre.talleraas.holen@visma.com
Jostein Vik, Chairman of the Board of Directors at Penneo, Telephone: +47 92 22 23 92
About Visma
Visma is a leading provider of mission-critical cloud software, with revenue of € 2.4 billion in 2023, nearly 16,000 employees and 1.9 million customers across Europe and Latin America. By simplifying and automating the work of businesses and organisations of all sizes, we enable a more efficient and prosperous society. Visit us at visma.com
About Penneo
Penneo combines digital signing and Know Your Customer (KYC) workflows into a single platform that streamlines critical business processes for anti-money-laundering regulated B2B companies. Penneo is already trusted by +3,000 companies - including the world’s leading auditors. For more information about Penneo, visit penneo.com
