PPG announced that on Feb. 5, 2021, it completed the purchase of shares in Tikkurila held by Varma Mutual Pension Insurance Company, Mandatum Life Insurance Company Limited and Kaleva Mutual Insurance Company. 


These shares represent, in the aggregate, approximately 9.32% of the shares in Tikkurila. 


PPG completed the purchases at the tender offer price of €34 per share for a combined purchase price of approximately €140 million.


As announced Feb. 4, 2021, in connection with PPG’s improved tender offer, Tikkurila’s largest shareholder, Oras Invest Oyj, which holds approximately 20.01% of the shares in Tikkurila, has also unconditionally agreed to sell all of its shares in Tikkurila to PPG upon PPG’s receipt of the necessary regulatory approvals. 


Additionally, Oras has agreed to an unconditional irrevocable undertaking to accept PPG’s improved tender offer. 


The shares held by Oras combined with those purchased by PPG in the transactions detailed above represent approximately 29.34% of the shares of Tikkurila.


PPG’s tender offer for all of the issued and outstanding shares of Tikkurila began on Jan. 15, 2021, and is expected to expire on March 15, 2021, unless extended by PPG. 


PPG expects the transaction to close as early as March or early in the second quarter of 2021, subject to customary closing conditions.


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