Sleep analysis company Sleep Cycle wants to acquire Audiowell for SEK 2.3 billion through a share issue in kind. Affärsvärlden criticized the proposed deal in a comment on Friday.
The background is that this spring Altor made a takeover bid for Sleep Cycle. However, Altor did not receive enough shares for compulsory acquisition and instead holds 79.5 percent of the shares.
“A mega-acquisition of Altor-owned Audiowell is now being proposed, completely reshaping the conditions. The structure raises questions about both the valuation and the position of minority shareholders,” Affärsvärlden writes.
In other words, there are quite a few conflicts of interest, the newspaper assesses, calling the transaction messy.
“It remains to be seen whether the merged company will remain listed. But minority shareholders will definitely be caught in the crossfire, so it is probably best to stop dreaming of anything else and move on,” Affärsvärlden writes in its conclusion.
