Acquisition of Ahlstrom Oyj

On September 24, 2020, Spa Holdings 3 Oy, a consortium consisting of Ahlström Capital, funds managed or advised by Bain Capital as well as Viknum and Belgrano Inversiones, made a public recommended cash tender offer for all shares in Ahlstrom-Munksjö Oyj. Spa Holdings 3 Oy received an ownership of more than 90% on February 4, 2021 and started a compulsory redemption proceedings and applied for the delisting of the shares from Nasdaq Helsinki and Nasdaq Stockholm.

On April 16, Nasdaq Stockholm approved the delisting application and resolved that the last day of trading in Ahlstrom-Munksjö’s shares was May 31, 2021.

On June 23, 2021, Spa Holdings 3 had gained title to all the shares in Ahlstrom-Munksjö in accordance with the Finnish Companies Act and that shares in Ahlstrom-Munksjö were delisted as of that day from the official list of Nasdaq Helsinki.

On February 25, 2022 , the arbitral tribunal appointed by the Redemption Board of the Finland Chamber of Commerce rendered its decision according to which the redemption price payable by Ahlstrom-Munksjö Holding 3 Oy for the 10,755,918 Ahlstrom-Munksjö minority shares that are subject to mandatory redemption shall be EUR 21.55 per share.

On April 29, 2022, Ahlstrom-Munksjö Holding 3 Oy filed an appeal with the District Court of Helsinki, requesting the District Court to confirm the redemption price of the minority shares in Ahlstrom-Munksjö to be EUR 17.84 per share. The requested redemption price of EUR 17.84 corresponds with the price offered in the public tender offer. Amongst others, the trustee who represents the minority shareholders, has also filed their appeal with the District Court. It is estimated that the appeal proceedings at the District Court will last at least 12 months i.e. until late spring 2023 and, if the District Court’s judgement is appealed, rendering a final judgment might even take more than a few years. The District Court’s judgement may be appealed at the Supreme Court of Finland if the latter grants leave to appeal. The redemption price falls due after a month has passed from the judgement on redemption becoming res judicata, i.e. non-appealable. The unpaid redemption price is subject to interest corresponding to the applicable reference rate, which is currently 0% and is adjusted bi-annually.

For more detailed information, please read the announcement release




Johan Lindh 
Vice President, Group Investor Relations 
Tel. +358 10 888 4994  

Ahlström Capital

Camilla Sågbom
Director, Corporate Communications and Responsibility
+358 10 888 4172   

Trustee representative of Ahlstrom-Munksjö's minority shareholders during the redemption process

Antti Kuusimäki
Attorney at law
+358 40 506 8757 

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