Visma’s offer for House of Control accepted by 98 percent of shareholders

On 28 september 2022, Visma launched a voluntary cash offer of NOK 11.20 per share for all outstanding shares of House of Control, a Norwegian SaaS-company with shares admitted to trading on Euronext Growth Oslo. The offer period expired yesterday at 16:30 (CET).

In a stock exchange release from House of Control this morning, the company announces that Visma’s offer has received acceptances from shareholders representing 97,8 percent of issued and outstanding share capital.

This means that one of the main conditions for the offer, a minimum acceptance level above 90 percent, is now fulfilled.

Settlement of the offer remains subject to several other conditions, including regulatory approval from the Norwegian Competition Authority (Konkurransetilsynet). A separate announcement will be made when this matter is concluded.

Visma’s offer price represents a 60 percent premium to the closing price of NOK 7 per share on 23 September 2022, and is 65 percent above the preceding 90 days’ volume weighted average price of NOK 6.77. Visma’s offer values the total share capital of House of Control at a market capitalisation of approximately NOK 689 million on a fully diluted basis.

The Board of Directors of House of Control unanimously recommends the shareholders of the company to accept the offer.

For more information, please see Visma’s press release from the announcement of the offer on 26 September, and today’s stock exchange release from House of Control.