Shares in Swedish research technology group Cint surged on Monday after a consortium backed by UK-based private equity firm Triton Partners unveiled plans to take the company private, according to a report by Reuters.
The stock rose by around 32% in early trading on Nasdaq Stockholm after the bidding vehicle, TriCarbs, announced a cash offer of SEK5.60 per share. The proposal represents a premium of roughly one-third compared with the previous closing price.
The consortium includes Cint’s largest shareholder Bolero, chief executive Patrick Comer, former executive Brett Schnittlich, and Triton Fund 6. Collectively, the group controls approximately 34% of the company’s equity.
Based on Friday’s closing levels and including unlisted shares, Cint carried an implied valuation of about $215m prior to the announcement.
Cint noted that the offer gives investors an opportunity to exit their holdings at a price that may be difficult to achieve through market sales in the near term.
The offer document is expected to be published in mid-May, with the bidders requiring acceptance from more than 90% of shareholders to proceed with a delisting.
