On 29 September 2010, Cidron Intressenter AB (“Cidron Intressenter”), a company indirectly wholly owned by Nordic Capital VII Limited, announced a recommended offer to the shareholders in Munters AB (publ) (“Munters”) to acquire all the shares in Munters for SEK 73 in cash per share (the “Offer”).
Alfa Laval AB (publ) (“Alfa Laval”) announced on 1 October 2010 an increase of its offer to the shareholders in Munters to SEK 75 in cash per share. Munters’ Board of Directors unanimously decided to recommend the shareholders of Munters to accept Alfa Laval’s increased offer and at the same time withdrew its recommendation to accept Cidron Intressenter’s offer. The two main shareholders in Munters, AB Industrivärden and Investment AB Latour, have undertaken to accept Alfa Laval’s increased offer provided that no competing offer is announced which is at least five per cent higher than Alfa Laval’s increased offer, corresponding to SEK 78.75.
The above undertaking from the two main shareholders has made it very difficult for Cidron Intressenter to offer a higher price, at a level below SEK 78.75, to Munters’ shareholders with a possibility of an acceptance level above 90 per cent. Cidron Intressenter has therefore, during the weekend, offered a number of institutions and international hedge funds to sell their shares in Munters to Cidron Intressenter for SEK 77 per share. The purchase of these shares was conditional upon Cidron Intressenter acquiring more than 50 per cent of the shares and votes in Munters. Cidron Intressenter’s intention was to subsequently announce a mandatory offer to the remaining shareholders in Munters of SEK 77 per share. During these discussions, Cidron Intressenter has not been able to come to a firm agreement with shareholders representing more than 50 per cent of the shares and votes in Munters. Therefore, at this time, Cidron Intressenter is not in a position to either withdraw or amend its Offer and will provide further information when it has evaluated the situation.
Stockholm, 11 October 2010
Cidron Intressenter AB
The Board of Directors
The information in this press release was submitted for publication on 11 October 2010 at 01.45 (CET).
All media enquiries to:
Mikael Widell, Communications Manager
+46 8 440 50 70
+46 703 11 99 60
 A newly formed company indirectly wholly owned by Nordic Capital Fund VII, under change of name from Goldcup 5924 AB to Cidron Intressenter AB.
 Nordic Capital VII Limited, a limited liability company established under the laws of Jersey, with registered office in St Helier, Jersey, acting, in relation to the Offer, in its capacity as General Partner for and on behalf of Nordic Capital VII Alpha, L.P. and Nordic Capital VII Beta, L.P.