“The Estonian economy has been declining for nine consecutive quarters, the country's credit rating has been lowered and the geopolitical risk is still high. In case Tallink has any shareholders who doubt the economic outlook of our region, then this offer brings liquidity to the market and provides them with an opportunity to consider an exit.” noted the chairman of the Management Board of Infortar, Ain Hanschmidt. 

“Infortar believes in the financial and market position of Tallink and plans to keep it a publicly listed company, however, it must be taken into account that for larger international investors, the liquidity of the company’s stock and market depth is limited – the average daily turnover of Tallink shares for the last year was about EUR 175,000,” noted Hanschmidt.

This is a voluntary takeover offer – shareholders don’t have an obligation but an opportunity to choose, whether to accept the offer or not. Infortar treats all shareholders equally and the offer is made with respect to all shareholders of Tallink.

Infortar intends to start the offer at the beginning of July this year, after receiving the approval of EFSA. The offer is intended to last for 35 days. Infortar plans to offer EUR 0.55 per share to Tallink shareholders. Taking into account the timeline of the offer process, all shareholders are able to receive dividends for the previous year in the amount of 6 cents per share, irrespective of whether they plan to use their right of sale or not. The offered price is similar to the average market price of Tallink for the last three years, i.e., EUR 0.61 per share. One year ago, in June 2023, the price of a Tallink share was EUR 0.56 per share.

To accept the offer, the shareholder of Tallink must contact its account operator bank and submit an order accepting the offer. The settlement of the offer is done via Nasdaq CSD. Infortar has the required financial assets to conclude the transaction.

With this public takeover offer, Infortar is carrying out its strategy described in its initial public offering and admission to trading prospectus, according to which the group’s strategy in the maritime transport segment is increasing its shareholding in Tallink if the market price of Tallink shares is favourable and regulatory requirements permit it.

© Shippax