Redeye is surprised by the low 69% acceptance rate from Integrum’s shareholders on the SEK44 bid by Osteocentric. We view it as especially unexpected considering that the largest shareholder, Rickard Brånemark (28% of the shares and 44% of the votes), had already accepted the offer. We highlight that Osteocentric does not review the acceptance period for a new date, and so the bid is no longer in play. Accordingly, we expect the share to react significantly downwards and expect a 30-40% drop. Our current base case stands at SEK33.
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