Announcement • Oct 18

Funds managed by Advent International, L.P. and Funds advised by Generation Investment Management LLP completed the acquisition of Volue ASA (OB:VOLUE) from Arendals Fossekompani ASA (OB:AFK), Havfonn AS, Must Invest AS, Ulfoss Invest AS and others major shareholders.

Funds managed by Advent International, L.P. and Funds advised by Generation Investment Management LLP announces its intention to launch a voluntary tender offer to acquire Volue ASA (OB:VOLUE) from Arendals Fossekompani ASA (OB:AFK), Havfonn AS, Must Invest AS, Ulfoss Invest AS and others major shareholders for NOK 6 billion on June 19, 2024. Advent International, L.P. and Generation Investment Management LLP announces its intention to launch a voluntary tender offer to acquire Volue ASA (OB:VOLUE) from Arendals Fossekompani ASA (OB:AFK), Havfonn AS, Must Invest AS, Ulfoss Invest AS and others for NOK 6 billion on June 20, 2024. A cash consideration valued at NOK 42 per share will be paid by Advent International, L.P. and Generation Investment Management LLP. As part of consideration, an undisclosed value is paid towards common equity of Volue ASA. Arendals Fossekompani agreed to sell its 60% shareholding to offeror. In addition to Arendals stake, the Offeror has received irrevocable pre-acceptances to accept the Offer from shareholders representing approx. 67% of the issued and outstanding Volue share. The Offeror will, on completion of the Offer, be controlled by Arendals Fossekompani ASA, currently majority shareholder of Volue, and by funds managed by Advent International, and Generation Investment Management LLP. The Offer will be financed through 100 per cent equity from the Investors. The transaction is subject to Minimum acceptance of more than 90% approval by regulatory board / committee, subject to antitrust regulations and third-party approval needed. Volue to become a private company upon completion of the transaction. The Offer will not be subject to any financing or due diligence conditions. Upon completion of the Offer, AFK will exchange a portion of its shares in Volue for a receivable reflecting the Offer Price which will be converted to shares in a holding company of the Offeror, which will cause AFK to hold indirectly approximately 40 per cent of Volue (the “Share Conversion”). The rest of AKF's shares in Volue will be sold to the Offeror for cash at the Offer Price. It is expected that the Offer will be completed in the third quarter of 2024, following receipt of regulatory approvals and satisfaction of all other Offer Conditions. The acceptance period for the Offer will commence on 20 August 2024, and will expire at 16:30 (CEST) on 3 September 2024, subject to any extensions at the sole discretion of the Offeror. The Offer Period will in no event be extended beyond October 29, 2024. As of August 26, 2024, the Board has unanimously decided to advise Volue's shareholders to accept the Offer. The Board has received a fairness opinion from its financial advisor Pareto Securities AS that the Offer is fair, from a financial point of view to the Company’s shareholders. As of September 17, 2024, Offeror's has decided to extend the acceptance period for the Offer (the \"Acceptance Period\") from September 3, 2024, to September 17, 2024 and the Offeror has declared the Offer Price of NOK 42 per Share to be its best and final offer. The effect of the Offer Price being the Offeror's best and final price offered is that the Offeror does not have the right to increase the Offer Price above NOK 42 per share. The Offeror hereby announces an extension of the Acceptance Period until October 11, 2024. Euronext Oslo Børs has approved the extension of the Acceptance Period. As of the date of this announcement, the Offeror has obtained regulatory approvals in Germany merger clearance and Foreign Direct Investment clearance; Finland merger clearance; Norway merger clearance; Sweden FDI clearance, and Italy FDI clearance, with the only outstanding approvals now pending in Denmark FDI clearance and Norway clearance from the Norwegian Financial Supervisory Authority related to ownership control. As of October 7, 2024, Offeror is pleased to announce that the Closing Condition relating to receipt of all required regulatory approvals, as set out in Section 2.9 (Regulatory Approvals), has been satisfied. The Offeror hereby announces an extension of the Acceptance Period until October 16, 2024. The Offeror hereby announces that it waives the Closing Condition, as defined in the Offer Document, relating to Minimum Acceptance. As a result, the Offer is conditional only upon the remaining Closing Conditions which must either be fulfilled or waived (at the Offeror's sole discretion) until settlement of the Offer. Advokatfirma Wiersholm AS acted as legal advisor for Arendals Fossekompani ASA. Advokatfirmaet Schjødt As acted as legal advisor for Advent International, L.P. and Generation Investment Management LLP. ABG Sundal Collier Holding ASA acted as financial advisor for Arendals Fossekompani ASA. Carnegie AS acted as financial advisor for Advent International, L.P. and Generation Investment Management LLP. Kirkland & Ellis International LLP acted as legal advisor for Advent International, L.P. and Generation Investment Management LLP. Clifford Chance LLP acted as legal advisor for Advent International, L.P. and Generation Investment Management LLP. Pareto Securities AS provided fairness opinion to Volue's Independent Committee of the Board of Directors. Funds managed by Advent International, L.P. and Funds advised by Generation Investment Management LLP completed the acquisition of Volue ASA (OB:VOLUE) from Arendals Fossekompani ASA (OB:AFK), Havfonn AS, Must Invest AS, Ulfoss Invest AS and others major shareholders on October 16, 2024. 56,001,169 Shares were tendered during the tender offer period. Including Shares under irrevocable undertakings by Arendals Fossekompani ASA pursuant to a contribution agreement entered into with the Offeror and irrevocable pre-acceptances from certain shareholders in Volue, the Offeror has secured a total of 142,317,948 Shares, accounting for approximately 98.9% of all Shares.

Announcement • Jul 09

Funds managed by Advent International, L.P. and Funds advised by Generation Investment Management LLP announces its intention to launch a voluntary tender offer to acquire Volue ASA (OB:VOLUE) from Arendals Fossekompani ASA (OB:AFK), Havfonn AS, Must Invest AS, Ulfoss Invest AS and others major shareholders for NOK 6 billion.

Total Shareholder Yield	-0.07%
Future Dividend Yield	0%
Dividend Growth	n/a
Next dividend pay date	n/a
Ex dividend date	n/a
Dividend per share	n/a
Payout ratio	n/a

Segment	Dividend Yield
Company (VOLUE)	n/a
Market Bottom 25% (NO)	3.1%
Market Top 25% (NO)	7.4%
Industry Average (Software)	1.8%
Analyst forecast (VOLUE) (up to 3 years)	0%

Data	Last Updated (UTC time)
Company Analysis	2024/11/08 00:07
End of Day Share Price	2024/11/06 00:00
Earnings	2024/06/30
Annual Earnings	2023/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Jørgen Bruaset	Nordea Markets
Gard Aarvik	Pareto Securities

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Funds managed by Advent International, L.P. and Funds advised by Generation Investment Management LLP completed the acquisition of Volue ASA (OB:VOLUE) from Arendals Fossekompani ASA (OB:AFK), Havfonn AS, Must Invest AS, Ulfoss Invest AS and others major shareholders.

There May Be Reason For Hope In Volue's (OB:VOLUE) Disappointing Earnings

Second quarter 2024 earnings: EPS and revenues miss analyst expectations

Price target decreased by 8.4% to kr41.20

New major risk - Share price stability

Volue ASA (OB:VOLUE) Stock Rockets 28% As Investors Are Less Pessimistic Than Expected

First quarter 2024 earnings: EPS and revenues miss analyst expectations

Price target increased by 8.4% to kr45.00

Volue's (OB:VOLUE) Returns On Capital Are Heading Higher

High number of new directors

Full year 2023 earnings released: EPS: kr0.25 (vs kr0.14 in FY 2022)

Impressive Earnings May Not Tell The Whole Story For Volue (OB:VOLUE)

Volue ASA (OB:VOLUE) Soars 29% But It's A Story Of Risk Vs Reward

Here's Why Volue (OB:VOLUE) Can Manage Its Debt Responsibly

Full year 2023 earnings released

Consensus EPS estimates fall by 31%

Volue ASA to Report First Half, 2024 Results on Aug 15, 2024

Is There Now An Opportunity In Volue ASA (OB:VOLUE)?

Price target increased by 9.1% to kr30.00

New major risk - Earnings quality

Price target decreased by 8.1% to kr28.50

Volue ASA to Report Q4, 2023 Results on Feb 09, 2024

Consensus EPS estimates increase by 23%

Second quarter 2023 earnings: EPS and revenues exceed analyst expectations

When Should You Buy Volue ASA (OB:VOLUE)?

Volue ASA (OB:VOLUE) completed the acquisition of Wholesale division from Enerim Oy for €30 million.

Volue ASA's (OB:VOLUE) Low P/S No Reason For Excitement

Volue ASA (OB:VOLUE) entered into an agreement to acquire Wholesale division from Enerim Oy.

First quarter 2023 earnings released: EPS: kr0.13 (vs kr0.04 in 1Q 2022)

Consensus EPS estimates fall by 22%

Full year 2022 earnings released

Price target decreased by 26% to kr35.00

Volue ASA (OB:VOLUE) Shares Could Be 46% Below Their Intrinsic Value Estimate

Volue ASA to Report Q3, 2023 Results on Nov 10, 2023

Consensus EPS estimates fall by 19%

Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind

High number of new and inexperienced directors

Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind

Second quarter 2022 earnings: Revenues exceed analyst expectations

Volue (OB:VOLUE) Shareholders Will Want The ROCE Trajectory To Continue

Price target decreased to kr47.50

Consensus EPS estimates fall by 16%

Earnings Miss: Volue ASA Missed EPS By 72% And Analysts Are Revising Their Forecasts

First quarter 2022 earnings: EPS misses analyst expectations

Volue (OB:VOLUE) Is Doing The Right Things To Multiply Its Share Price

Price target decreased to kr55.00

No independent directors

Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind

Price target decreased to kr55.00

Are Investors Undervaluing Volue ASA (OB:VOLUE) By 41%?

Now 21% undervalued after recent price drop

Full year 2021 earnings: Revenues exceed analyst expectations

Consensus forecasts updated

Returns On Capital Are Showing Encouraging Signs At Volue (OB:VOLUE)

Third quarter 2021 earnings released: EPS kr0.056

Chief Executive Officer recently bought kr514k worth of stock

Consensus EPS estimates fall to kr0.63

Volue ASA's (OB:VOLUE) Intrinsic Value Is Potentially 20% Below Its Share Price

Nordic and international institutional investors acquired 11.8% stake in Volue AS (OB:VOLUE) from Arendals Fossekompani ASA (OB:AFK) for approximately NOK 990 million.

New 90-day high: kr53.78

Volue AS (OB:VOLUE-ME) signed an agreement to acquire Likron Gmbh.

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