Evaluation of Velvet Cichlid's Proposed Deal by the Board of Directors
Sleep Cycle AB, a leading sleep tracking application with millions of daily active users, has received a public takeover offer from Velvet Cichlid AB, a company controlled by a consortium. The offer price is SEK 42.50 in cash per share.
The mobile application, which helps users fall asleep more easily, tracks and analyzes sleep during the night, wakes the user in a light sleep phase, and provides insight into how sleep quality can be improved, has contributed to research and reporting on sleep worldwide, making Sleep Cycle one of the world's most comprehensive sources for statistics on sleep.
The offer is currently being evaluated by the Board of Directors, who have engaged SEB Corporate Finance as financial advisor and Mannheimer Swartling as legal advisor for the evaluation process. The Board's Chairman, Lars Berg, will not participate in the Board's handling of or decisions related to the offer due to a conflict of interest.
The acceptance period for the offer is expected to be from around 20 December 2022 to around 31 January 2023, with potential extensions. The company's office is located in Gothenburg, Sweden, and Sleep Cycle is listed on Nasdaq Stockholm under the ticker SLEEP.
Should the takeover offer be accepted, it is expected that the company currently known as Goldcup 32046 AB will change its name to Sleep Cycle AB. For further information, contact Anne Broeng at [email protected] or 45 2179 5006.
Sleep Cycle's mission is to improve global health by empowering people to sleep better. With over two billion nights analyzed in more than 150 countries, the company's data and insights have the potential to contribute significantly to the understanding and improvement of sleep patterns and quality worldwide.
[1] The law firm Vinge is advising Velvet Cichlid in this transaction, but the financial and legal advisors for Velvet Cichlid beyond Vinge's involvement have not been specified in the available sources.
- The potential merger could bring significant changes to the finance and industry sectors, as the combined company's extensive data on sleep patterns and quality could influence various business practices and research.
- Should the takeover be successful, Sleep Cycle AB, with its strong presence in the finance, business, and technology sectors, could pose a formidable competitor in the global sleep tracking industry.
