As principal shareholder in Kemira Oyj, the Finnish state has issued a statement on the government's agreement in principle with Industri Kapital on the sale of the state's holding in Kemira to Industri Kapital-owned Dynea Oy. In this connection Dynea Oy has issued a statement to the effect that they will make a public tender offer to minority holders at a later stage. The offer price will be EUR 9.1 per share according to information received by the board of directors which will be in excess of yesterday's closing price of EUR 6.83 by EUR 2.27 (33 %).
The following criteria can be used to evaluate the purchase offer:
The average trading price in Kemira Oyj shares during the past ten days has been around EUR 6.90. This price would be used in accordance with Kemira Oyj's Articles of Association, paragraphs 22-36, in an acquisition where shares will not be acquired against compensation in funds but through e.g. an exchange in shares. A shareholder party that is thus gaining control has no obligation to put forward an offer higher than this level under these circumstances.
During the past year the highest closing price has been EUR 7.05 and the lowest EUR 5 for Kemira Oyj's shares on the Helsinki stock exchange.
Kemira Oyj's book value of equity per share on 31 December 2000 totalled EUR 9.08 per share.
On these grounds the board of directors of Kemira Oyj consider the price offered to be good under the present circumstances.