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Carlson Wagonlit Travel Completes Acquisition of Majority Stake in Ark Travel
Stockholm | December 17, 2007
Carlson Wagonlit Travel (CWT), the leading travel management company, today announced that its acqusition of a majority stake in Ark Travel AB (ARKT) is complete. Ark Travel is a Swedish travel management company whose shares are publicly traded on Aktietorget, a Swedish market for trading in non-listed securities.
The offer to purchase shares of Ark Travel at a price of SEK 67 per share was originally announced on October 22, 2007, through the wholly owned CWT Swedish subsidiary CWT Sverige Holdings AB. As of today, CWT controls approximately four million shares of Ark Travel, representing 98 percent of the total number of shares and votes in Ark Travel. The acquisition was approved by the Swedish Competition Authority on November 30, 2007.
Jan Willem Dekker, executive vice president, North Europe, for CWT said, "Over the last few years, Carlson Wagonlit Travel has successfully pursued an acquisition strategy that brings the right people and processes together to best service our clients' travel management needs. Ark Travel has successfully established itself as a major travel management company in Sweden. Our two companies have similar corporate cultures and operating philosophies. Employees are client-focused and continuously striving for excellence. I'm excited to be bringing our talents and expertise together."
Ark managing director Susanna Bervå added, "By teaming up with Carlson Wagonlit Travel, Ark Travel will be in position to bring even greater value to our clients. CWT is a global leader with best-in-class products and solutions. Both of our companies are service-oriented, innovative and in tune with the rapid changes that characterize our industry. I am eager for the integration process to be underway."
With the acquisition of its majority stake now completed, CWT Sverige Holdings AB intends to call for compulsory redemption of the remaining Ark Travel shares and take the appropriate steps to have them delisted from Aktietorget.
Notice regarding shares tendered during the extended acceptance period
The acceptance period for Ark Travel shareholders to tend their shares expired on December 6, 2007. On December 10, 2007, the acceptance period was extended for the shareholders in Ark Travel who had not tendered their shares on December 6, 2007. The extended acceptance period expired on December 14, 2007. In total 93,207 shares representing 2.3 percent of the total number of shares and votes in Ark Travel were tendered in the extended acceptance period. Settlement for the shares tendered in the extended acceptance period is expected to commence on or about December 20, 2007.