Cybersecurity fever in Helsinki, WithSecure soars with CVC's takeover bid and founder

(Il Sole 24 Ore Radiocor) - WithSecure soared on the Helsinki Stock Exchange following the announcement of a takeover bid launched by CVC and the company's founder and chairman , Risto Siilasmaa, at a valuation of €299 million. Shares of the Finnish cybersecurity company rose nearly 70%, but remained slightly below the proposed price.

Through the Diana bidco, the consortium plans to offer €1.70 per share of the company and, if the takeover bid is successful, intends to delist WithSecure. The proposed price is 94% higher than the average share price over the last 12 months and 72.1% higher than the August 7 price, according to a press release. Shareholders holding 38.1% of the company's share capital and voting rights have pledged their support for the transaction, and the board of directors has unanimously recommended that shareholders accept the offer .

The offering period is scheduled from August 20th to October 1st. "The transaction will strengthen and accelerate WithSecure's long-term goal of becoming Europe's most trusted cybersecurity partner," a statement said.