AxMedia AB made a tender offer to acquire remaining 69.5% stake in Dustin Group AB (publ) (OM : DUST) for SEK 2.3 billion on June 29, 2023. Under the terms, SEK 28.50 per share will be paid. The Offer values all outstanding shares in Dustin to approximately SEK 3.2 billion. Axel Johnson will finance the Offer through cash and available credit facilities. In addition, Axel Johnson AB, which is the parent company of the offeror, will provide required capital for completion of the Offer, if necessary. Axel Johnson owns 34,744,788 shares in Dustin, corresponding to 30.5 percent of the shares and votes in Dustin. The independent members of Dustin's board, Stina Andersson, Gunnel Duveblad, Morten Strand and Dolph Westerbos, have formed a bid committee and will comment on the Offer no later than two weeks before the end of the acceptance period for the Offer. Completion of the Offer is conditional upon the Offer and the acquisition of Dustin receiving all necessary regulatory, governmental or similar clearances, approvals and decisions, including approvals and clearances from competition authorities. Axel Johnson will also submit the acquisition for approval by the European Commission. The acceptance period for the Offer is expected to commence on July 3, 2023, and expire on July 31, 2023. In the event Axel Johnson, whether in connection with the Offer or otherwise, obtains more than 90 percent of the shares in Dustin, Axel Johnson intends to initiate compulsory redemption proceedings with respect to the remaining shares in accordance with the Swedish Companies Act. The bid committee has appointed Advokatfirman Cederquist as legal advisor in connection with the Offer. Axel Johnson has retained SEB Corporate Finance as financial advisor and Vinge as legal advisor.

AxMedia AB completed the acquisition of additional 3.27% stake in Dustin Group AB (publ) (OM : DUST) for approximately SEK 110 million on July 31, 2023.