Thursday, September 22, 2016
EQT VII initiates compulsory redemption proceedings and IFS files for delisting
IGT Holding has notified the board of directors of IFS that IGT has resolved to initiate compulsory acquisition proceedings to acquire the remaining shares in IFS. In light of this, the board of directors of IFS has decided to apply for the delisting of IFS A- and B-shares from Nasdaq Stockholm.
On December 7, 2015, EQT VII, through IGT Holding IV AB (“IGT Holding”), announced a mandatory cash offer to the shareholders in Industrial and Financial Systems, IFS AB (publ.) (“IFS” or the “Company”) to acquire all outstanding A- and B-shares in IFS. Following the completion of the offer on February 11, 2016, IGT Holding held approximately 84 per cent of the shares in IFS. In September 2016, IGT Holding entered into an agreement with Elliot International L.P. and Elliot Associates L.P. (together “Elliot”) to acquire all of Elliot’s shares in IFS. Currently, IGT Holding holds approximately 97 per cent of the shares in IFS and has notified the board of directors of IFS that IGT has resolved to initiate compulsory acquisition proceedings to acquire the remaining shares in IFS.
In light of the above, the board of directors of IFS does not find it appropriate for the Company to remain listed, and has therefore decided to apply for the delisting of IFS A- and B-shares from Nasdaq Stockholm. The last day of trading in the IFS shares will be announced as soon as a notification thereof has been received from Nasdaq Stockholm.
IFS™ is a globally recognized leader in developing and delivering enterprise software for enterprise resource planning (ERP), enterprise asset management (EAM) and enterprise service management (ESM). IFS brings customers in targeted sectors closer to their business, helps them be more agile and prepare for what's next in their industry. IFS is a public company (XSTO: IFS) founded in 1983 and currently has over 2,800 employees. IFS supports more than 1 million users worldwide from its network of local offices and through a growing ecosystem of partners. For more information visit: IFSworld.com.
The information was submitted for publication, through the agency of the contact persons set out above, on September 22, 2016 at 2:30 p.m. (CEST).