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Advent withdraws its Sobi bid

The company in September agreed to an 8 billion USD takeover by Advent and Aurora, an investment vehicle of Singapore’s GIC Pte Ltd, through Agnafit Bidco.

“Since the acceptance level condition has not been fulfilled, Agnafit Bidco hereby withdraws the offer,” Agnafit Bidco said in a statement.

Commenting on the bid process, the Chairman of the Board of Directors, Sobi, Håkan Björklund, said “As we have announced, the Board supported the public offer by Advent and GIC, as we believed in the strategic merit of the transaction. Subsequent discussions regarding the potential execution of the transaction have been directly dealt with between the bidding consortium and Sobi shareholders.”

Read more: Investor supports Agnafit Bidco’s bid for Sobi

Photo: Sobi