Reference is made to the announcement on 5 November 2021 and the offer document dated 5 October 2021 (the “Offer Document”) for the recommended voluntary offer (the “Offer”) by Octopus Bidco AS (the “Offeror”), a company indirectly wholly owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates (“KKR”) for all outstanding shares in Ocean Yield ASA (the “Company”) against consideration in cash of NOK 40.519 per share, as adjusted downwards from NOK 41 per share for the dividend payment resolved by the Company, in accordance with the terms of the Offer. The offer price is subject to any further adjustments in accordance with the terms of the Offer, including but not limited to the FPSO Price Adjustment (if applicable), as defined in the Offer Document.
Upon expiry of the acceptance period today, 5 November 2021 at 16:30 hours (CET), the Offeror has based on a preliminary review received acceptances under the Offer for a total of 165,193,187 shares, equivalent to 94.2% of the shares and votes in the Company on a fully diluted basis.
In consequence, the Offeror has crossed the reportable threshold of 90% of the rights to the shares and votes in the Company. Subject to completion of the Offer, the Offeror will acquire the shares and voting rights in the Company no later than 17 Business Days (as defined in the Offer Document) after the date on which the Offeror has announced that the closing conditions in the Offer have been met and/or waived (as applicable), expected to be on or about 8 November 2021.
The full chain of controlled undertakings for the Offeror is displayed in the attached legal chart.
The calculation of the number of Shares tendered in the Offer is preliminary and remains subject to potential adjustments through a verification process currently being undertaken by the receiving agent for the Offer. The final result of the Offer will be announced once confirmed by the receiving agent, expected to be on or about 8 November 2021.
