Directors scrutinize the proposal forwarded by Velvet Cichlid
In a significant development, Velvet Cichlid AB, a company controlled by a consortium consisting of GLA Invest SA, MCGA AB, h265 AB, Petter Wallin, Mikael Hed, Inventure Oy, and several other private investors, has announced a public takeover offer for Sleep Cycle AB.
The offer price stands at SEK 42.50 in cash per share. This consortium, led by Mikael Hed, the co-founder of King, the company behind the popular game Candy Crush Saga, aims to acquire Sleep Cycle AB. Inventure Oy, a Finnish venture capital firm, and the private investors are also key contributors, providing financial backing and strategic support.
Sleep Cycle AB, headquartered in Gothenburg, Sweden, is listed on Nasdaq Stockholm under the ticker SLEEP. The company's mission is to improve global health by empowering people to sleep better. It is one of the world's most comprehensive sources for sleep statistics, contributing to research and reporting on sleep worldwide.
Sleep Cycle's mobile application helps users fall asleep more easily, track and analyze sleep, wake in a light sleep phase, and provides insights for sleep improvement. The application is widely used in more than 150 countries, making it the leading sleep tracking application. Over two billion nights have been analyzed by Sleep Cycle.
Lars Berg, the Chairman of the Board, will not participate in the Board's handling of or decisions related to the offer due to a conflict of interest. The Board of Directors of Sleep Cycle AB will evaluate the offer and announce its opinion regarding the offer no later than two weeks before the end of the acceptance period.
For further information, contact Anne Broeng at [email protected] or 45 2179 5006. Mannheimer Swartling has been engaged as legal advisor for the Board of Directors in connection with the offer, while SEB Corporate Finance has been engaged as financial advisor.
Pending a name change from Goldcup 32046 AB, Sleep Cycle AB is set to continue its mission of improving global health by empowering people to sleep better. The acceptance period for the offer is expected to start on or around 20 December 2022 and end on or around 31 January 2023, subject to extensions.
The consortium, led by Mikael Hed, has shown interest in expanding their business interests as they aim to acquire Sleep Cycle AB, a significant player in the finance sector due to its listing on Nasdaq Stockholm. Inventure Oy, a venture capital firm, and other private investors are providing financial support, ensuring that the industry of sleep technology continues to receive adequate financial backing.
