02.02.2006: Rondane Holding AS ("Rondane Holding") has, through the completion of the voluntary offer dated 3 January 2006 and the conditional share purchase agreement with its shareholders of 15 December 2005, acquired 9,247,602 shares in HÅG ASA ("HÅG"), i.e. 96.7 percent of the shares in HÅG (98.9 percent of the shares in HÅG excluding the company's holding of own shares).
By completion of the share purchase, all the transactions announced in Notification of Ownership and Disclosures of Holding through Oslo Børs' information system in connection with the voluntary offer and acceptances of the voluntary offer, have been carried out.
Shareholders in HÅG who have accepted the voluntary offer will, in accordance with the offer, receive settlement for the shares at their bank accounts on 3 February 2006.
Following the share purchase, Rondane Holding is obligated to make an offer pursuant to Section 4-1 of the Norwegian Securities Trading Act. Rondane Holding will make a mandatory offer to purchase all shares not currently owned by the Rondane Holding group, and the company further intends to put forward a compulsory offer for the remaining HÅG shares in accordance with Section 4-25 of the Norwegian Public Companies Act.
The offer price in the mandatory offer will be NOK 47 per HÅG share, equal to the highest price paid or agreed to be paid by Rondane Holding. The offer document is subject to approval by Oslo Børs and is expected to be put forth in mid February.
Rondane Holding is owned by Leopold Invest AS (17.20 percent), Niki AS (41.96 percent), Orkla ASA (34.05 percent) and Scan TV AS (6.79 percent). Scan TV AS is a wholly-owned subsidiary of Orkla ASA. Orkla ASA is represented at the Board of Directors of HÅG and Rondane Holding. Niki AS and Leopold Invest AS are owned by Torgeir Mjør Grimsrud and his family. Torgeir Mjør Grimsrud is the Chairman of HÅG and Rondane Holding.