Ericsson resolves on a directed offer for C shares for LTV 2008
In accordance with the resolution by the Annual General Meeting 2008, Ericsson (NASDAQ:ERIC) expands its treasury stock in order to provide shares for the Long-Term Variable Compensation Program (LTV) 2008 for employees in Ericsson.
The Board of Directors of Ericsson has today resolved, by virtue of an authorization given by the Annual General Meeting on April 9 2008, to direct an offer to all holders of C shares, i.e. AB Industrivärden and Investor AB, to acquire these shares.
The offer is part of the financing of Ericsson's Long-Term Variable Compensation Program 2008 and includes all 19,900,000 C shares which Ericsson has previously decided to issue for the program. Acquisition shall be made during the period July 28 - August 14, 2008. Payment for acquired shares shall be made in cash with SEK 5.01 per share. Ericsson currently holds 43,375,290 shares as treasury stock.
AB Industrivärden and Investor AB have informed Ericsson that they intend to accept the offer.
Once all 19,900,000 C shares have been acquired by Ericsson, the Board intends to convert them to B shares. After the conversion, the number of B shares on issue will amount to 2,984,595,752.
The Board of Directors of Ericsson has today resolved, by virtue of an authorization given by the Annual General Meeting on April 9 2008, to direct an offer to all holders of C shares, i.e. AB Industrivärden and Investor AB, to acquire these shares.
The offer is part of the financing of Ericsson's Long-Term Variable Compensation Program 2008 and includes all 19,900,000 C shares which Ericsson has previously decided to issue for the program. Acquisition shall be made during the period July 28 - August 14, 2008. Payment for acquired shares shall be made in cash with SEK 5.01 per share. Ericsson currently holds 43,375,290 shares as treasury stock.
AB Industrivärden and Investor AB have informed Ericsson that they intend to accept the offer.
Once all 19,900,000 C shares have been acquired by Ericsson, the Board intends to convert them to B shares. After the conversion, the number of B shares on issue will amount to 2,984,595,752.
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