Bid represent 34% premium to previous close
Rejlers announced on 20 February a cash bid for Eurocon of SEK 10.75 per share, valuing the company at SEK 469m or an EV of SEK 461m. It represents a premium towards previous close of 34% and an EV/EBITA valuation of 11.2x on 2022 numbers. It is slightly less than what Ratos bought Semcon for (12.5x EV/EBITA), but Semcon was more than 5x in size and the deal was also struck when investor sentiment was a bit better than now. 46% of Eurocon's current shareholders have obliged to accept the bid on certain conditions and the acceptance period will begin 23 February and end 3 of April. Eurocon's shareholder base is rather fragmented with only Nordea among institutional investors (who also owns shares in Rejlers), which we think suggests that the bid will go through.
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