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AHLSTROM PRESS RELEASE OCTOBER 31, 2023, at 16:55 EET
On September 24, 2020, Ahlstrom Holding 3 Oy made a public recommended cash tender offer for all shares in Ahlstrom Oyj (previously named Ahlstrom-Munksjö Oyj). Ahlstrom Holding 3 Oy received an ownership of more than 90% on February 4, 2021 and started a compulsory redemption procedure. On February 25, 2022, the arbitral tribunal appointed by the Redemption Board of the Finland Chamber of Commerce rendered its decision according to which the redemption price payable by Ahlstrom Holding 3 Oy for the 10,755,918 Ahlstrom Oyj’s minority shares that are subject to mandatory redemption shall be EUR 21.55 per share. On April 29, 2022, Ahlstrom Holding 3 Oy filed an appeal with the District Court of Helsinki, requesting the District Court to confirm the redemption price of the minority shares in Ahlstrom Oyj to be EUR 17.84 per share, corresponding with the price offered in the public tender offer. Amongst others, the trustee who represents the minority shareholders, also filed their appeal with the District Court.
The District Court of Helsinki rendered its decision on 31 August, 2023. The District Court ruled that the redemption price payable by Ahlstrom Holding 3 Oy for the 10,755,918 Ahlstrom Oyj’s minority shares that are subject to mandatory redemption shall be EUR 17.84 per share.
The time to seek leave to appeal from the Supreme Court of Finland expired on October 30, 2023. Amongst others, the trustee who represents all minority shareholders has sought leave to appeal from the Supreme Court within the appeal period. As the trustee has sought leave to appeal, a decision regarding the redemption price will not become final and non-appealable for any of the minority shareholders until the Supreme Court either denies the leave to appeal or renders a final decision in the matter. According to the Companies Act, the redemption price falls due after a month has passed from the decision on redemption becoming non-appealable. The average time for the Supreme Court to process leaves to appeal is four to six months, but processing times vary. If the Supreme Court grants leave to appeal, it is estimated that the appeal proceedings could last until the end of 2024 or first half of 2025.
Ahlstrom in brief
Ahlstrom is a global leader in combining fibers into sustainable specialty materials. Our purpose is to Purify and Protect, with Every Fiber, for a Sustainable World. Our vision is to be the Preferred Sustainable Specialty Materials Company for all our stakeholders. We serve five growing and distinctive end markets, which form the basis for our five divisions: Filtration, Food & Consumer Packaging, Healthcare, Building Materials, and Technical Materials. Our net sales in 2022 for continuing operations amounted to EUR 3.3 billion and we employ some 7,000 people. Read more at www.ahlstrom.com