Finnish aluminium extruder Nordic Aluminium facing takeover bid

Finnish aluminium extruder Nordic Aluminium is facing a takeover bid from a company owned by its board chairman, the company said Friday. "Nordic Aluminium Plc has today received information according to which Oy Lival Ab has decided to make a takeover bid for Nordic Aluminium Plc's shares," the company said in a statement.

Oy Lival, which is wholly owned by Nordic Aluminium's board chairman, Stig Lival-Lindstrom, owns a 71.19% stake in the company. In addition, Lival-Lindstrom owns a further 2.75% stake. Varma Mutual Pension Insurance Co., which holds 6% of Nordic Aluminium's shares, has given its commitment to the bidder to accept the takeover bid, the company said.

Cash payment in accordance with the takeover bid is Eur30/share ($37/share). Nordic Aluminium shares traded at Eur29.62/share as of 0853 GMT on the NASDAQ OMX exchange in Helsinki, up from Thursday's close of Eur28.39.

Nordic Aluminium's board has established a committee to evaluate the takeover bid, which "has taken a preliminary favorable view" on the bid, the company said.

Nordic Aluminium designs, produces, markets and supplies aluminium products and components for the electrotechnical, telecommunications, transportation, shipbuilding, machine design and commercial construction industries.

The company reported a net profit of Eur6.47 million on sales of Eur35.41 million in the first six months of 2012.