Champion Iron offers NOK 79/share for Rana Gruber

Champion Iron Limited, through Drakkar BidCo AS, has launched a recommended voluntary cash tender offer to acquire all shares in Rana Gruber ASA for NOK 79 per share. This offer represents a significant premium, including 12.9% over the closing trading price on December 19, 2025, and 21.3% over the 60-day volume-weighted average share price. Key shareholders, including Svelland Global Trading Master Fund, and Rana Gruber’s board and executive management, collectively holding about 51% of outstanding shares, have irrevocably committed to accept the offer.

The acquisition is strategically driven by Champion's vision to decarbonize the steel industry and expand its high-grade iron ore platform, leveraging Rana Gruber's quality resources and operational history in Norway. Champion aims to integrate Rana Gruber's operations, enhancing its product portfolio and market penetration in Europe.

The offer, expected to complete in Q2 2026, is subject to customary conditions, including valid acceptance by shareholders representing over 90% of the company's capital and the board's continued unanimous recommendation. The formal offer document will be distributed following approval by the Financial Supervisory Authority of Norway, anticipated by late January 2026.