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Canon to increase its ownership in Axis

22-Oct-2018

Axis majority owner Canon today announced a share purchase agreement that will result in Canon holding almost 98 percent of the shares in Axis AB. Canon intends to apply for delisting of Axis from the Nasdaq Stockholm. Axis will remain an independent entity within the Canon Group.

– Considering that Canon at the time of their public offering in 2015 expressed an ambition of acquiring all shares in Axis, this was expected to happen at some point. We do not expect this to change daily operations at Axis. Canon has underlined that Axis will continue to be run as an independent company. At the same time, we believe it’s very positive to be part of the Canon Group, says Ray Mauritsson, CEO of Axis.

Canon made the share purchase agreement with Elliott International, L.P. and The Liverpool Limited Partnership. Canon has agreed to purchase 7,825,516 shares in Axis at SEK 363.75 per share. As a result of the transaction, Canon will hold 97,9 percent of the shares in Axis and intends to request that the Axis Board resolves to apply for delisting of Axis shares from the Nasdaq Stockholm. Canon also intends to initiate a compulsory acquisition procedure under the Swedish Companies Act to acquire all remaining shares in Axis.

https://www.axis.com/newsroom/press-release/canon-to-increase-its-ownership-in-axis