If you happen to be a close follower of the public cash tenders, then you ill well understand what happens upon expiry of such tenders. Mostly definitely, you know why you or any company should do all within its means to ensure that it takes advantage of the offer before it expires.
Nokia Oyj (ADR) (NYSE:NOK)’s wholly- owned indirect subsidiary, Nokia Solutions and Networks Oy has lately been the subject of news sparking about high talk among investors and the other concerned parties.
The offer timeframe under the recommended public cash tender offer by the subsidiary had reached expiry. The subsidiary had earlier on set out to buy all the issued together with the outstanding shares as well as the option rights of Comptel corporation that did not belong to Comptel or any of its subsidiaries.
As a matter of fact, basing judgment from the final results associated with the tender offer, it was easy to depict a number of things which of course spoke volumes in regards to the company in question.
Among things that came up very clearly was the fact that the Comptel shares acquired by the offeror through market purchases when put together with the Tender offer represented approximately 90.51% of the total votes and shares in Comptel.
Of course this particular figure excludes the treasury shares under Comptel.This is not forgetting the 85.30% of the overall votes and shares under Comptel on a diluted basis provided on the offer documentation associated with the offer.
It is pretty easy to tell one thing-the offeror’s ownership in Comptel is quite a huge fraction of the total voting rights as well as the shares in Comptel and as a matter of fact, the offeror bears the full rights to redeem the remainder of the Comptel shares and that is provided for in the Finnish Limited Liability Companies Act.
Going as per the terms and conditions in line with the offer, one would be justified to say that indeed the tender’s completion is subject to above 90 % of the total voting rights and shares in Comptel.