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Public Offer

Vertiseit AB announces a public offer to the shareholders of MultiQ International AB

BACKGROUND AND MOTIVES TO THE OFFER

Vertiseit is a leading platform company within Retail Tech in Europe. With its focus on Digital In-store, Vertiseit offers platform and related consulting services for the in-store customer experience in retail.

Since its founding in 2008, Vertiseit has grown with profitability. Between 2012 and 2020, Vertiseit had an annual profitable growth of an average of 29 percent (CAGR). Growth has taken place both organically and through acquisitions, and the group’s net sales in 2020 amounted to SEK 134 million pro forma. Vertiseit’s long-term objective is to become the world’s leading platform company within Digital In-store.

The Offer is a part of the execution of Vertiseit’s strategy for international growth and contributes to strengthening the company’s market position both in the Nordic region and internationally. MultiQ’s long-term customer relationships with well-known brands and partners are expected to add significant value to the Vertiseit group. MultiQ will particularly contribute with cutting-edge expertise within Public Transportation, Gaming and Retail Banking. MultiQ is currently estimated to add approximately SEK 50 million in annual recurring SaaS revenues (ARR) to the group. Together with MultiQ, the group’s ARR is thus estimated to increase by approximately 75 percent and exceed SEK 116 million. This would be an important step towards reaching the long-term objective for Vertiseit of SEK 200 million in ARR by the end of 2024.

Together, the companies would have a strengthened position as a leading platform company within Digital In-store in Europe. In addition to strengthening Vertiseit’s market position and offering, significant synergies and coordination gains are expected between the companies, both in terms of revenue as well as costs.

THE OFFER IN SHORT

Vertiseit AB (publ) (“Vertiseit” or the “Bidder”) announces a public offer to the shareholders of MultiQ International AB (publ) (“MultiQ”) to acquire all shares in MultiQ for a consideration as set out below (the “Offer”). Vertiseit has received binding commitments on acceptance of the Offer from existing shareholders in MultiQ comprising a total of 46.6 percent of all shares and votes in MultiQ for the same consideration that applies to the Offer. MultiQ’s shares are admitted to trading on Nasdaq Stockholm. Vertiseit’s class B shares are admitted to trading on Nasdaq First North Growth Market (“Nasdaq First North”).

INVESTOR PRESENTATION

Johan Lind, CEO, and Jonas Lagerqvist, CFO, present the Offer. The video is a recording from the 10 January 2022.

WATCH PRESENTATION IN SWEDISH
WATCH PRESENTATION IN ENGLISH

Bid premium

68-106%

Depending on consideration alternatives. Compared to the volume-weighted average share price of SEK 0.95 for shares in MultiQ during the thirty trading days up to and including 7 January 2022.The calculations are based on a value per class B share in Vertiseit of SEK 47.50, which corresponds to the closing price for class B shares in Vertiseit on 7 January 2022, the last trading day before the announcement of the Offer.

CONSIDERATION ALTERNATIVES

1. Mixed Consideration
12 500 kronor kontant och 100 B-aktier i Vertiseit för varje hel post om 10 000 aktier i MultiQ. 
För poster mindre än 10 000 aktier i MultiQ samt överskjutande aktier utöver hela poster om 10 000 aktier i MultiQ erbjuds 1,25 kronor kontant och 0,0100 B-aktier i Vertiseit för varje sådan aktie i MultiQ. För poster mindre än 10 000 aktier i MultiQ samt överskjutande aktier utöver hela poster om 10 000 aktier i MultiQ erbjuds 1,25 kronor kontant och 0,0100 B-aktier i Vertiseit för varje sådan aktie i MultiQ.

2. Share Consideration
413 B-aktier i Vertiseit för varje hel post om 10 000 aktier i MultiQ. 
För poster mindre än 10 000 aktier i MultiQ samt överskjutande aktier utöver hela poster om 10 000 aktier i MultiQ erbjuds 0,0413 B-aktier i Vertiseit för varje sådan aktie i MultiQ. För poster mindre än 10 000 aktier i MultiQ samt överskjutande aktier utöver hela poster om 10 000 aktier i MultiQ erbjuds 0,0413 B-aktier i Vertiseit för varje sådan aktie i MultiQ.

3. Cash Consideration
SEK 1.60 in cash for each share in MultiQ

Documents (in Swedish)

  • 2022-04-05 Prospekt och Erbjudandehandling
  • 2022-04-05 Acceptsedel

Pressmeddelanden på svenska

  • 2022-04-27 - Vertiseit offentliggör preliminär sammanställning av erhållna accepter i det offentliga uppköpserbjudandet till aktieägarna i MultiQ och fullföljer det offentliga uppköpserbjudandet
  • 2022-04-27 - Vertiseits styrelse beslutar om apportemission med anledning av det offentliga uppköpserbjudandet till aktieägarna i MultiQ
  • 2022-03-03 - Vertiseit kompletterar vederlagsalternativen i det offentliga uppköpserbjudandet till aktieägarna i MultiQ samt har avyttrat aktier i MultiQ varför budplikt ej föreligger
  • 2022-02-25 - Vertiseit AB har förvärvat ytterligare 6 641 119 aktier i MultiQ International AB och äger nu totalt cirka 30,74 procent
  • 2022-02-10 - Vertiseit AB har förvärvat ytterligare 6 429 135 aktier i MultiQ International AB och äger nu totalt cirka 25,35 procent
  • 2022-01-25 - Vertiseit AB har förvärvat ytterligare 6 296 141 aktier i MultiQ International AB och äger nu totalt cirka 20,13 procent
  • 2022-01-24 - Vertiseit AB har förvärvat ytterligare 4 844 785 aktier i MultiQ International AB och äger nu totalt cirka 15,03 procent
  • 2022-01-20 - Vertiseit AB har förvärvat ytterligare 6 756 309 aktier i MultiQ International AB och äger nu totalt cirka 11,10 procent
  • 2022-01-11 - Vertiseit AB har förvärvat sammanlagt 6 921 799 aktier i MultiQ International AB motsvarande cirka 5,62 procent
  • 2022-01-10 - Vertiseit AB lämnar ett offentligt uppköpserbjudande till aktieägarna i MultiQ International AB

Press releases in English

  • 2022-04-27 - Vertiseit announces preliminary assessment of received acceptances in the public offer to the shareholders of MultiQ and completes the public offer
  • 2022-04-27 - Vertiseit’s board of directors resolve on an issue in kind pursuant to the public offer to the shareholders of MultiQ
  • 2022-03-03 - Vertiseit supplements the consideration alternatives in the public offer to the shareholders in MultiQ and has sold shares in MultiQ why there is no duty to make a mandatory offer
  • 2022-02-25 - Vertiseit AB has acquired an additional 6,641,119 shares in MultiQ International AB and now owns a total of approximately 30.74 percent
  • 2022-02-10 - Vertiseit AB has acquired an additional 6,429,135 shares in MultiQ International AB and now owns a total of approximately 25.35 percent
  • 2022-01-25 - Vertiseit AB has acquired an additional 6,296,141 shares in MultiQ International AB and now owns a total of approximately 20.13 percent
  • 2022-01-24 - Vertiseit AB has acquired an additional 4,844,785 shares in MultiQ International AB and now owns a total of approximately 15.03 percent
  • 2022-01-20 - Vertiseit AB has acquired an additional 6,756,309 shares in MultiQ International AB and now owns a total of approximately 11.10 percent
  • 2022-01-11 - Vertiseit AB has acquired a total of 6 921 799 shares in MultiQ International AB corresponding to approximately 5.62 percent
  • 2022-01-10 - Vertiseit AB announces a public offer to the shareholders of MultiQ International AB

PRELIMINARY TIME PLAN

5 April 2022
Publication of offer document and prospectus

6-27 April 2022
Acceptance period

2 May 2022
Publication of the outcome of the Offer

Around week 19, 2022
Payment of the consideration

Q&A

What does a public offer mean?

A public offer is a public bid addressed to the shareholders of a listed company to buy all or part of the shares in the company.

Why does Vertiseit want to acquire MultiQ?

The offer is part of executing on Vertiseit's strategy for international growth and contributes to strengthening the company's market position within Digital Signage in Europe. In addition to strengthening Vertiseit's market position through a solid customer base with well-known brands, significant synergies and coordination gains are also expected between the companies, both in terms of revenue and costs.

Together with MultiQ, the Vertiseit Group's ARR (Annual Recurring Revenue) is estimated to exceed SEK 116 million, an important step towards reaching the long-term goal of SEK 200 million ARR by the end of 2024.

Is the bid recommended by MultiQ's board?

MultiQ's Board of Directors has formed an independent formed a bid committee that will represent the company in connection with the Offer (the “Independent Bid Committee”) which intends, in accordance with the Takeover Rules, to instruct an independent valuation expert to issue a fairness opinion regarding the Offer. The Independent Bid Committee will publish its opinion on the Offer and the reasons for this opinion, as well as the valuation statement, no later than two weeks before the expiry of the acceptance period in a separate press release.

MultiQ's Board of Directors has formed an independent formed a bid committee that will represent the company in connection with the Offer (the “Independent Bid Committee”) which intends, in accordance with the Takeover Rules, to instruct an independent valuation expert to issue a fairness opinion regarding the Offer. The Independent Bid Committee will publish its opinion on the Offer and the reasons for this opinion, as well as the valuation statement, no later than two weeks before the expiry of the acceptance period in a separate press release.

How big is the bid premium?

Depending on Consideration alternative. Compared to the volume-weighted average share price of SEK 0.95 for shares in MultiQ on Nasdaq Stockholm during the thirty trading days up to and including 7 January 2022, the bid premium amounts to 68 to 106 percent. The calculations are based on a value per class B share in Vertiseit of SEK 47.50, which corresponds to the closing price for class B shares in Vertiseit on Nasdaq First North on 7 January 2022, the last trading day before the announcement of the Offer.

Why should shareholders accept the offer?

The bid premium amounts to 68 to 106 percent, depending on Consideration alternative, compared to the volume-weighted average share price of SEK 0.95 for shares in MultiQ on Nasdaq Stockholm during the thirty trading days up to and including 7 January 2022. The calculations are based on a value per class B share in Vertiseit of SEK 47.50, which corresponds to the closing price for class B shares in Vertiseit on Nasdaq First North on 7 January 2022, the last trading day before the announcement of the Offer. 

Three of the largest shareholders, together representing 46.6 percent of the shares in MultiQ, have made binding commitments on acceptance of the Offer.

In the event that Vertiseit, whether in connection with the Offer or otherwise, becomes the owner of shares corresponding to more than 90 percent of the shares in MultiQ, Vertiseit intends to commence a compulsory buy-out procedure in accordance with the Swedish Companies Act (Sw. aktiebolagslagen (2005:551) in order to acquire all outstanding shares in MultiQ. In connection with such compulsory buy-out procedure, Vertiseit intends to promote a delisting of the shares in MultiQ from Nasdaq Stockholm.

How do I proceed to accept the offer?

The offer document and application form will be available under Documents on this website, tentatively from 5 April 2022. The offer documentation will also be available on Swedish Financial Supervisory Authority's website. You will also receive information about the Offer and how to proceed to accept via your bank or trustee.

When do I have to accept the offer at the latest?

According to the preliminary time plan, the acceptance period will be between 6-27 April. 

What happens if I do not accept the offer?

One of the conditions for completion is that Vertiseit reaches 80 percent of the shares in MultiQ, but of course, it aims for a higher percentage than that. In the event that Vertiseit becomes the owner of shares corresponding to more than 90 percent of the shares in MultiQ, Vertiseit intends to demand redemption in accordance with the Swedish Companies Act in order to acquire all outstanding shares in MultiQ. Vertiseit intends to work for MultiQ shares to be delisted from Nasdaq Stockholm in such a situation.

Are there any conditions attached to the offer?

Completion of the Offer is conditional, among other things, on the Offer being accepted to such an extent that Vertiseit becomes the owner of more than 80 percent of the shares in MultiQ and an Extraordinary General Meeting in Vertiseit decides on authorization regarding the Consideration Shares.

What happens if Vertiseit does not receive 80 percent acceptance?

If Vertiseit does not become the owner of 80 percent of the shares, the company has the option to withdraw the offer. But Vertiseit can also choose to complete the offer even if the acceptance is lower than 80 percent.

Can the bid be increased?

No.

When do I get paid for my shares?

Vertiseit expects to begin payment of the cash consideration in the Offer around week 19, 2022.

Can the acceptance period be extended?

Yes, Vertiseit reserves the right to extend the acceptance period for the Offer and to postpone the time for payment of consideration. However, an extension of the acceptance period will not delay the payment of consideration to those who have already accepted the Offer, provided that the Offer is accepted by shareholders to such an extent that Vertiseit becomes the owner of more than 80 percent of the shares in MultiQ.

Who can I contact for further questions?

For administrative questions about the Offer, please first contact your bank or nominee where you have your shares in custody.

Contact

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Media contact
Johan Lind

CEO

johan.lind@vertiseit.com
+46 703 57 91 54‬
IR-contact
Jonas Lagerqvist

Deputy CEO / CFO

jonas.lagerqvist@vertiseit.com
+46 732 036 298
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DISCLAIMER

VALIDATION OF ACCESS RIGHTS

Important notice

Due to legal restrictions, the information on this part of the website is not directed to or accessible for certain persons. We therefore kindly ask you to review the following information and provide the confirmation below each time you wish to be granted access to this part of the website.

The information on this part of the website pertains to the Offer, which neither directly or indirectly, is made to, and no acceptance will be approved from or on behalf of persons in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, the United States or any other jurisdiction where the Offer, the distribution of information pertaining to the Offer or the acceptance of the Offer would be in conflict with any law or regulation or require any additional offer document and/or prospectus or registration to be effected or any other measures to be taken in addition to those required under Swedish law (including Nasdaq Stockholm’s Takeover Rules) (“Excluded Jurisdiction”).

The distribution of the information on this website and any related Offer documentation in an Excluded Jurisdiction may be restricted, require that additional documentation is prepared or other measures taken or in conflict with the laws or regulations of such jurisdiction. Accordingly, the information on this part of the website may not be forwarded, distributed, reproduced or made available in or into any Excluded Jurisdiction in which the Offer would require that any additional offer document and/or prospectus is prepared or registration effected or that any other measures are taken in addition to those required under Swedish law (including Nasdaq Stockholm’s Takeover Rules) or where it would be in conflict with any law or regulation in such jurisdiction and the information does not constitute an offer or solicitation to acquire, sell, subscribe or exchange securities, to persons in such jurisdictions. Consequently, neither the Offer nor any documentation or information pertaining to the Offer will or may be sent, mailed or otherwise distributed in or into any Excluded Jurisdiction.

Banks, brokers, dealers and other nominees holding shares for persons who are located in or who have registered addresses in any Excluded Jurisdiction must not forward the Offer or any other document or information received in connection with the Offer to such persons. Any failure by such persons to inform themselves and observe applicable restrictions or requirements may constitute a violation of the securities laws of an Excluded Jurisdiction. To the fullest extent permitted by applicable law, Vertiseit AB (publ) disclaims any responsibility or liability for the violations of any such restrictions by any person. Any purported acceptance of the Offer resulting directly or indirectly from a violation of these restrictions may be disregarded. No consideration under the Offer will be delivered in or into any Excluded Jurisdiction.

The information on this part of the website which relates to future conditions or circumstances, including information regarding future result, growth and other forecasts and effects of the Offer, are forward-looking statements. Such statements may, inter alia, be identified by the use of words such as “deemed”, “anticipate”, “intend” “expect”, “believe” or similar expressions. Forward-looking statements are subject to risks and uncertainties because they relate to conditions and are subject to circumstances that occur in the future. Future circumstances may materially deviate from what has been expressed or implied in the forward-looking statements due to several factors which to a large extent is outside of Vertiseit AB (publ)’s control. Any forward-looking statements speak only as of the date on which they are made and Vertiseit AB (publ) has no obligation (and undertakes no obligation) to update or revise any such statements due to new information, future events or similar, except for then it is requires due to applicable laws and regulations.

The Offer shall be governed by and construed in accordance with Swedish substantive law. The Nasdaq Stockholm’s Takeover Rules and the Swedish Securities Council’s interpretations and applications of Nasdaq Stockholm’s Takeover Rules also apply to the Offer.

Any dispute arising out of, or in connection with, the Offer shall be finally settled by Swedish courts exclusively, with Stockholm District Court as the court of first instance.

As a result of the restrictions set out above, this part of the website may not be accessed by persons who are resident or located in any Excluded Jurisdiction.

By clicking “I accept” below, you confirm that you have read and accept the information regarding the Offer, the conditions and restrictions as set out above and that you pursuant to applicable laws and regulations are entitled to access the information on this part of the website. If you are resident or physically located in any Excluded Jurisdiction or do not accept the above terms, you must click “I do not accept”.

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