Codemill criticises decision, claiming reasons given are “irrelevant”

Ateliere Codemill

Ateliere has withdrawn its offer to acquire Swedish media workflow business Codemill. 

Ateliere, which provides media supply chain and cloud production technology, stated that it is, “no longer in a position to complete the offer,” due to, “the current, unforeseen turbulence in the US and in the global business and financial markets.”

The American company had offered 23 SEK (£1.76) a share in March, which would have added up to a deal worth more than 313 million SEK (£24m). It had seeked an extension to the public offer earlier this month. 

In response, Codemill has claimed that Ateliere’s reasons for pulling out are, “irrelevant,” and that its major shareholders had offered to defer payment in order to make sure the deal went through - an offer it says Ateliere hasn’t given an answer to. It says it received documents, including bank statements, that proved Ateliere had the funds, and confirmation that those funds would only be used for the takeover. 

It intends to report Ateliere to the Swedish Financial Supervisory Authority, and its directors and owners are in discussions over, “other legal actions that may be taken.”