Nordstjernan AB made a mandatory bid to acquire remaining 51.2% stake in Swedol AB (OM:SWOL B) from Nordea Fonder and others for SEK 1.4 billion on March 14, 2018. In a related transaction, Nordstjernan AB entered into a share purchase agreement to acquire an additional 18.9% stake in Swedol AB from Aktiebolaget Zelda for approximately SEK 500 million on March 14, 2018. Subject to the completion of this related acquisition, Nordstjernan's ownership in Swedol will amount to approximately 48.8% of the number of shares and approximately 57.2% of the votes. Accordingly, Nordstjernan's ownership in Swedol will pass the mandatory bid threshold in accordance with the Swedish Public Takeover Act and Nordstjernan will become obliged to; within four weeks of the completion of the acquisition, make a public offer to acquire the remaining shares in Swedol at a price of SEK 32 per share. Nordstjernan will finance the Offer through cash available from Nordstjernan's own funds and available credit facilities.

Swedol's board of directors on April 11, 2018 decided to appoint the independent directors Christina Åqvist, Sofie Löwenhielm and Leif Reinholdsson to an independent offer committee to handle questions relating to the Offer. There are no conditions for the completion of the offer. The offer is not subject to any financing condition. The offer document relating to the offer has been approved by the Swedish Financial Supervisory Authority on April 17, 2018. The acceptance period for the offer is expected to commence on or around April 18, 2018 and will end on or around May 16, 2018. Settlement is expected to begin on or around May 23, 2018. Nordstjernan intends to commence compulsory acquisition proceedings in order to acquire all remaining shares in Swedol in the event that Nordstjernan becomes the owner of shares representing more than 90% of the shares in Swedol.

The acceptance period for the offer expired on May 16, 2018. At the end of the acceptance period on May 16, 2018, the offer had been accepted by shareholders representing a total of 14.6 million shares in Swedol. Nordstjernan extended the acceptance period to May 30, 2018 in order to give the remaining shareholders an additional opportunity to accept the Offer. Nordea Fonder has submitted shares in Swedol in the offer. Carl Montalvo, Ulrika Wiström, Viktor Josefsson and Zeki Algan of Skandinaviska Enskilda Banken AB (publ) acted as financial advisors and Gernandt & Danielsson Advokatbyrå KB acted as legal advisor to Nordstjernan.

Nordstjernan AB completed the acquisition of an additional 17.7% stake in Swedol AB (OM:SWOL B) from Nordea Fonder and others for approximately SEK 470 million on May 30, 2018. Settlement in relation to the shares for which acceptances have been received during the extended acceptance period is expected to occur on or around June 7, 2018.