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Klovern issues shares to partly pay for Dagon
Friday 30 March 2012

30 March 2012 - Swedish property group Klovern AB (STO:KLOV) said in a statement on Friday it had issued 7.54m preference shares to partly pay for the planned SEK1.474bn (USD221m/EUR166m) acquisition of domestic rival Dagon AB (STO:DAG).

Under the terms announced last December, Klovern has agreed to cover only 30% of the price with cash, while providing preference shares for the rest at an exchange ratio of 0.4699 new Klovern preference shares for each Dagon share, the buyer said in a previous press release.
The SEK62.50 offer was declared fully unconditional earlier this month after securing 98.9% in Dagon, allowing for further acceptance until 2 April, Klovern said.

It expects the combination to ensure growth in new developing markets, while boosting its letting and projects potential, the buyer added.
Dagon will be delisted after the deal.
Date Published: 30/03/2012
Target: Dagon AB
Country: Sweden
Deal Size: 221m (USD)
Sector: Construction/Real estate
Buyer: Klovern AB