ABG Sundal Collier provided a fairness opinion to the board of directors of Scandinavian Biogas in the mandatory public offer by Aneo

On 23 November, Aneo Renewables Holding AS (“Aneo”) announced a mandatory public offer to the shareholders of Scandinavian Biogas Fuels International AB (“Scandinavian Biogas”) following the settlement of the directed share issue announced on 5 October 2022, resulting in Aneo reaching a shareholding of approximately 36.1%. The offer price is set to SEK 15.45 per share, which implies a negative premium of 2.5% compared to the closing price of SEK 15.84 on 23 November 2022 and a negative premium of 38.2% to the subscription price of SEK 25.00 in the directed share issue.
On 1 December 2022, the board of directors of Scandinavian Biogas announced their recommendation to the shareholders to not accept the offer by Aneo. ABG Sundal Collier provided a fairness opinion to the board of directors stating the offer was not fair from a financial perspective. The acceptance period is expected to end 19 December 2022.
The assignment marks the third transaction where ABG Sundal Collier has acted as financial advisor to Scandinavian Biogas, following the directed share issue of SEK 326 million in October 2022 and the SEK 586 million Dark Green IPO on Nasdaq First North Premier Growth Market in December 2020. Since 2020, ABG Sundal Collier has placed shares for an amount of more than SEK 900 million in the company.