Ericsson resolves on an acquisition offer for C shares for LTV 2016
Apr 28, 2016
April 28, 2016, 08:30 (CEST)
In accordance with the resolution by the Annual General Meeting 2016, Ericsson (NASDAQ:ERIC) expands its treasury stock in order to provide shares for the Long-Term Variable Compensation Program (LTV) 2016 for employees in Ericsson.
The Board of Directors of Ericsson has resolved, by virtue of an authorization given by the Annual General Meeting on April 13, 2016, to direct an acquisition offer to all holders of C shares to acquire these shares. Acquisition shall be made during the period May 5 - May 20, 2016. Payment for acquired shares shall be made in cash with SEK 5 per share.
The offer is part of the financing of Ericsson's Long-Term Variable Compensation Program 2016 and includes all 26,100,000 C shares which Ericsson has previously decided to issue to AB Industrivärden and Investor AB for the program. AB Industrivärden and Investor AB have informed Ericsson that they intend to accept the offer.
Once all 26,100,000 C shares have been acquired by Ericsson, the Board intends to convert them to B shares. After the conversion, the number of B shares in issue will amount to 3,069,395,752. Ericsson currently holds 46,002,257 shares as treasury stock.
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