Manna acquires Lexington

Mandatory public offer for all shares in Lexington

On 18 February 2022, it was announced that Manna & Co Oy (“Manna & Co”) acquired in total 4,069,044 shares in The Lexington Company AB (publ) (“Lexington”), corresponding to 68.1 percent of the total shares and votes in Lexington. On 8 March 2022, Manna & Co launched a mandatory public offer to Lexington’s shareholders.

The acquisitions Manna & Co made on 18 February 2022, for a consideration of SEK 36.00 per share, entailed an obligation for Manna & Co to launch a mandatory public offer for the remaining shares in Lexington. Such mandatory public offer to Lexington’s shareholders was launched on 8 March 2022. Helena Nordman-Knutsson, as the sole independent board member in Lexington’s board of directors, recommends the offer for acceptance by the shareholders in Lexington. A fairness opinion from BDO AB states that the offer is fair for Lexington’s shareholders from a financial perspective, based on and under the conditions set out in the fairness opinion. The fairness opinion and the statement by the independent board member are included in their entirety in the offer document published on 8 March 2022.

The acceptance period for the offer ended on 6 April 2022. Manna & Co now holds in total 5,820,601 shares in Lexington, corresponding to 97.4 per cent of the total number of shares and votes in Lexington.

“The acquisition of Lexington is in line with the strategy of Manna & Co, and Lexington is an excellent fit for Manna’s portfolio of beloved Nordic brands. We are excited to start working together with Lexington, supporting and learning from each other to build something extraordinary.”

— Risto Voutilainen, main shareholder and chairman of the board of directors of Manna & Co

“Lexington is a brand that has firmly established its place in the everyday lives of Swedish, Finnish and many international consumers. We feel honoured to carry that work forward by cherishing the great company and brand that Kristina and Tommy Lindhe have created. We believe that Manna will be a good home for Lexington, providing a ground for growth for the great brand and for the people making it happen every day.”

— Mikko Koponen, CEO of Manna & Co

“Manna’s owners and senior executives have left a lasting impression and we’re delighted to hand over the reins to a company and people in whom we truly believe. We’re convinced that Manna will be a great home for Lexington and our employees going forward. We look forward to working alongside the Manna team towards an even brighter future for Lexington.”

— Tommy and Kristina Lindhe, Lexington’s founders and main shareholders

Mandatory public offer for all shares in Lexington

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