Scandinavian Biogas recommends shareholders decline Aneo’s takeover bid

The board of Sweden-based Scandinavian Biogas has told its shareholders to reject a proposed takeover offer by Norway’s Aneo Renewables.
“The board of directors of Scandinavian Biogas Fuels International unanimously recommends the shareholders of the company not to accept Aneo Renewables mandatory offer of 15.45 Swedish crowns per share in cash,” the organisation said in a statement at the start of December.
Aneo is a joint venture of TronderEnergi and HItecVision, established in 2022, currently has 36.1% of the total number of shares and votes in Scandinavian Biogas Fuels International.
In accordance with Swedish takeover rules, the firm is obliged to make a mandatory tender offer for the remaining shares, which the company put forward last week.
The offer values Scandinavian Biogas at 670 million Swedish crowns (€61m), according to Aneo.
The period in which the offer can be accepted expires on 19 December 2022.
As a part of the assessment of the offer, the board of Scandinavian Biogas has engaged ABG Sundal Collier to provide an opinion regarding the offer.
ABG Sundal Collier advised that the offer “cannot be considered reasonable from a financial perspective for the shareholder,” according to Scandinavian Biogas.
After carrying out the evaluation, the board “assess that the terms and conditions of the offer do not reflect the long-term growth prospects of Scandinavian Biogas, also considering the identified risks of the business and the general market conditions,” the firm said.