December 2, 2019 / 8:09 AM / 7 days ago

Searchlight launches $233 mln for Swedish vehicle inspection company Opus

STOCKHOLM, Dec 2 (Reuters) - Ograi BidCo, managed by private investment firm Searchlight, has launched a bid for Swedish vehicle inspection company Opus Group worth around 2.25 billion crowns ($233.7 million) it said on Monday.

Ograi BidCo said in a statement it was offering 7.75 Swedish crowns in cash for each Opus share, representing a premium of around 30% compared to the closing price on Friday.

Shareholders holding roughly 25% of Opus shares are supporting the offer, which is conditional upon Ograi BidCo getting at least 70% of the outstanding shares in Opus.

Opus Group said in a separate statement that the board was evaluating the offer but would also investigate other opportunities “in line with its fiduciary duties”.

The acceptance period for the offer is expected to run between December 5 and January 9.

Oliver Haarmann, Founding Partner at Searchlight, said that Opus needed significant investment to achieve its long-term potential. ($1 = 9.6261 Swedish crowns) (Reporting by Helena Soderpalm; Editing by Simon Johnson)

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