Oriflame Board to Apply for Delisting from Stockholm Nasdaq

delisting of Oriflame

Walnut Bidco Plc recently announced that all conditions for completion of its public offer to the shareholders of Oriflame had been satisfied.

The company, newly established by members of the Oriflame founding families of Robert af Jochnick and the late Jonas af Jochnick, also stated that the offer was declared unconditional at a Walnut Bidco ownership level of 91.33 per cent.

Walnut Bidco further announced that it will initiate compulsory redemption proceedings through a squeeze-out merger against cash consideration under the Swiss Merger Act to acquire all remaining shares in Oriflame as well as promote a delisting of Oriflame’s shares from Nasdaq Stockholm. To provide remaining shareholders of Oriflame a possibility to accept the offer, the acceptance period will be open beyond the end of the initial acceptance period, until July 8, 2019.

In light of the above and at the request of Walnut Bidco, the Board of Directors of Oriflame has resolved to apply for delisting of Oriflame’s shares from Nasdaq Stockholm. The last day of trading in Oriflame’s shares on Nasdaq Stockholm will be announced as soon as Oriflame has received confirmation of such date from Nasdaq Stockholm.

Measures to carry out the above-mentioned merger have been initiated and an extraordinary shareholders’ meeting will be convened in due course to pass necessary resolutions.

Walnut Bidco launched the offer for the cosmetics giant in May, and last month the Independent Bid Committee of the Board of Directors of Oriflame  recommended shareholders accept the offer.