Regulatory condition satisfied for the voluntary recommended public takeover offer by Visma for the shares in Penneo

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

With reference to Penneo A/S' ("Penneo") announcement of 19 December 2024 (no. 20/2024) regarding the publication of the offer document and board statement concerning Visma Danmark Holding A/S' ("Visma") all-cash voluntary recommended public takeover offer to purchase all of the issued and outstanding shares (excluding treasury shares) in Penneo (the "Offer"), Visma has notified Penneo that the Danish Competition and Consumer Authority has now confirmed to Visma that it does not find, on the basis of the information currently available, reason to further scrutinize the Offer, and Visma's purchase of the Penneo shares. On that basis, the Offer will not be called-in for merger review pursuant to Section 12(6) of the Danish Competition Act, and the completion of the Offer will consequently not be subject to approval by the Danish Competition and Consumer Authority.

As a result, Visma has informed Penneo that it considers the regulatory condition of the Offer to be satisfied.

Completion of the Offer remains subject to other customary conditions, as well as a requirement that the total number of tendered shares in the Offer will amount to more than 90% of the voting rights and share capital of Penneo (calculated on a fully diluted basis, except for certain warrants with a strike price above the offer price, and any treasury shares held by Penneo). Reference is made to the offer document published by Visma on 19 December 2024 for a full description of the conditions applicable to the Offer. 

The offer period expires on 21 January 2025 at 23:59 (CET) (the "Offer Period"). Visma reserves the right to extend the Offer Period, from time to time, in accordance with the terms and conditions of the Offer and the Danish Executive Order on Takeover Offers as set forth in the offer document. In accordance with section 21(3) of the Danish Executive Order on Takeover Offers, the final result of the Offer will be published within three (3) business days after Visma has announced that the Offer will be completed.