Spanish renewable energy group Audax Renovables has launched a takeover bid for all shares in Norwegian listed company Elmera Group, offering NOK 41.20 per share.
The proposal values the transaction at approximately NOK 4.5 billion, representing a significant premium over Elmera's recent trading levels.
The offer comes with substantial early backing; Audax has already secured acceptance from shareholders representing 43% of the company's equity.
The offer comes with substantial early backing; Audax has already secured acceptance from shareholders representing 43% of the company's equity.
This support was obtained without Elmera's prior knowledge, marking the move as an unsolicited tender offer.
The bid price implies a 39% premium to Elmera's closing price of NOK 29.55 on Wednesday.
The acquisition aligns with Audax's strategy to expand its footprint in the Nordic renewable energy sector.