Snark BidCo (controlled by Altor) has launched a cash offer of SEK 24.50 per share for Sleep Cycle. While the 47% premium looks enticing against a battered share price, the bid captures the company at a valuation trough just as long-term investments in Medtech and B2B are expected to bear fruit in 2027. With ~63% of the voting power already locked in via irrevocable undertakings, the Board’s upcoming evaluation is likely to leave limited room to manoeuvre to secure a higher price, despite the offer remaining materially below our SEK 35 Base Case.
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