Court of Appeal dismissed minority shareholder’s appeal requesting enforcement and partial payment of the redemption price in the redemption proceedings for Ahlstrom Oyj’s minority shares
AHLSTROM, PRESS RELEASE, May 23, 2024, at 18:00 EEST
On September 24, 2020, Ahlstrom Holding 3 Oy made a public recommended cash tender offer for all shares in Ahlstrom Oyj (previously named Ahlstrom-Munksjö Oyj). Ahlstrom Holding 3 Oy received an ownership of more than 90% on February 4, 2021 and started a compulsory redemption procedure. The redemption proceedings are still ongoing in the Supreme Court of Finland (see Ahlstrom’s press release dated April 15, 2024 for further information).
On May 13, 2022, a minority shareholder of Ahlstrom Oyj filed a separate application to the District Court of Helsinki, requesting partial enforcement of the arbitral award rendered by the arbitral tribunal appointed by the Redemption Board of the Finland Chamber of Commerce. The request for partial enforcement consisted of a request for partial payment of the redemption price for Ahlstrom Oyj’s minority shares to the amount of EUR 17.84 per share. On July 5, 2023, the District Court rejected the application as inadmissible. Following the decision, the same minority shareholder filed an appeal with the Helsinki Court of Appeal to overturn the District Court’s decision and maintained its request for partial enforcement of the arbitral award.
Today, the Helsinki Court of Appeal rendered its decision regarding the minority shareholder’s appeal. The Court of Appeal decided not to change the District Court’s decision and the appeal was dismissed.
The Court of Appeal’s decision may be appealed to the Supreme Court of Finland, if the latter grants leave to appeal. The time limit to seek leave to appeal expires on 22 July 2024.
Additional information:
Johan Lindh, Vice President, Investor Relations, + 358 10 888 4994, johan.lindh@ahlstrom.com
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Ahlstrom is a global leader in combining fibers into sustainable specialty materials. Our purpose is to Purify and Protect, with Every Fiber, for a Sustainable World. Our vision is to be the Preferred Sustainable Specialty Materials Company for all our stakeholders. Our three divisions, Filtration and Life Sciences, Food and Consumer Packaging, and Protective Materials, address global trends with safe and sustainable solutions. Our net sales in 2023 amounted to EUR 3.0 billion and we employ some 7,000 people. Read more www.ahlstrom.com