공시 • Feb 18
Accountor Finago Ab (Offeror) completed the acquisition of 95.7% stake in Heeros Oyj (HLSE : HEEROS) for €28.6 million. Accountor Finago Ab (Offeror) made a tender offer to acquire Heeros Oyj (HLSE : HEEROS) for €29.9 million on November 22, 2024. Under the terms, €5.58 per share will be paid in cash. The Board of Directors of Heeros has unanimously agreed that they will recommend that the shareholders of Heeros and the holders of the Option Rights accept the Tender Offer. The completion of the Tender Offer is subject to the satisfaction or waiver by the Offeror of certain customary conditions on or prior to the Offeror’s announcement of the final result of the Tender Offer including, among other things, obtaining all necessary regulatory approvals, and the Tender Offer having been accepted with respect to the Shares representing, together with any other Shares otherwise acquired by the Offeror, more than ninety (90) percent of the issued and outstanding shares and votes in Heeros. The offer period under the Tender Offer is expected to commence on or about December 20, 2024 and to initially expire on or about February 17, 2025. The Offeror has today received merger control clearance for completing the Tender Offer from the Finnish Competition and Consumer Authority. Therefore, the Offeror has received all necessary regulatory approvals for the completion of the Tender Offer and the condition to completion of the Tender Offer concerning the receipt of regulatory approvals has been fulfilled. The completion of the Tender Offer is still subject to the fulfillment or, to the extent permitted by applicable laws and regulations, waiver by the Offeror of certain other customary conditions on or prior to the Offeror’s announcement of the final result of the Tender Offer. Such conditions include, among others, the Tender Offer having been validly accepted with respect to Shares representing, together with any other Shares otherwise acquired by the Offeror prior to or during the Offer Period, more than ninety (90) percent of the issued and outstanding shares and voting rights in Heeros calculated in accordance with Chapter 18, Section 1 of the Finnish Companies Act (624/2006, as amended) and on a fully diluted basis. The Offeror expects to complete the Tender Offer during the first quarter of 2025. The preliminary result of the Tender Offer will be announced on or about the first (1st) Finnish banking day following the expiration of the Offer Period (including any extended or discontinued extended Offer Period). In connection with the announcement of such preliminary result, it will be announced whether the Tender Offer will be completed subject to the conditions to completion being fulfilled or waived on the date of the Offeror’s final result announcement and whether the Offer Period will be extended. The final result of the Tender Offer will be announced on or about the third (3rd) Finnish banking day following the expiration of the Offer Period (including any extended or discontinued extended Offer Period) at the latest. The announcement of the final result will confirm (i) the percentages of the Shares and Option Rights that have been validly tendered and not properly withdrawn and (ii) whether the Tender Offer will be completed. As of January 17 ,2025, Finnish Competition and Consumer Authority approved the deal. Therefore, the Offeror has received all necessary regulatory approvals for the completion of the Tender Offer and the condition to completion of the Tender Offer concerning the receipt of regulatory approvals has been fulfilled. The completion of the Tender Offer is still subject to the fulfillment or, to the extent permitted by applicable laws and regulations, waiver by the Offeror of certain other customary conditions on or prior to the Offeror’s announcement of the final result of the Tender Offer. As of January 21, 2025, The Finnish Financial Supervisory Authority approved a supplement to the Tender Offer Document.
The Offeror has appointed Carnegie Investment Bank AB, Finland Branch, as financial adviser and arranger, and Avance Attorneys Ltd and Simpson Thacher & Bartlett LLP as legal advisers in connection with the Tender Offer. Heeros has appointed Danske Bank A/S, Finland Branch, as financial adviser and Roschier, Attorneys Ltd. as legal adviser in connection with the Tender Offer.
Accountor Finago Ab (Offeror) completed the acquisition of 95.7% stake in Heeros Oyj (HLSE : HEEROS) for €28.6 million on February 17, 2025. At the end of tender offer 5.131933 million shares are tendered. Reported Earnings • Feb 06
Full year 2024 earnings released Full year 2024 results: Revenue: €11.9m (up 5.7% from FY 2023). Net income: €618.9k (up 250% from FY 2023). Profit margin: 5.2% (up from 1.6% in FY 2023). The increase in margin was driven by higher revenue. New Risk • Feb 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€29.5m market cap, or US$30.6m). 공시 • Dec 18
Heeros Oyj, Annual General Meeting, Mar 18, 2025 Heeros Oyj, Annual General Meeting, Mar 18, 2025. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to €5.45, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 33x in the Software industry in Finland. Total loss to shareholders of 6.0% over the past three years. 
