Swedish fintech vendor Orc Group has filed to delist from Nasdaq OMX Stockholm after a public tender offer from Nordic Capital was accepted by stockholders controlling over 98% of its shares.
Private equity outfit Nordic Capital, through an indirectly wholly-owned subsidiary called Cidron Delfi Intressenter, made an a cash offer of SKr86 a share for Orc on 19 December, valuing the company at EUR230 million.
By 27 January shareholders representing 95.5% of Orc had accepted the offer and Cidron extended the offer period to 14 February, bringing the acceptance level up to 98.8%.
Cidron will now begin mandatory squeeze-out proceedings for the remaining shares and the Orc board "considers that it is no longer justified for the company to remain listed and has therefore decided to request that the shares of the company are delisted from Nasdaq OMX Stockholm".
Founded in 1987, Orc provides trading and market access technology to investment banks, hedge funds and brokerage houses worldwide, claiming 600 customer sites worldwide. In 2010 in merged with fellow Swedish vendor Neonet and now employs around 400 people in Europe, the US and Asia.
Nordic Capital has already nominated as the new Orc chairman Per Larsson, a former OMX CEO, Stockholm Stock Exchange chairman and Orc board member.
Fredrik Näslund, partner, NC Advisory, advisor to Nordic Capital Fund VII, said in January: "Nordic Capital has for some time followed the development of Orc with great interest, and believes that significant opportunities exist to further develop the businesses within Orc under concentrated and focused ownership outside of the stock exchange where Nordic Capital can contribute significant capital resources as well as an active, long-term ownership commitment."