Arctic Paper has extended its offer to shareholders of Rottneros until 4 February. The company reported that at the time when the first deadline expired on 12 December, only 38.7% of Rottneros' shareholders had accepted Arctic Paper's offer of SEK2.30 or 0.1872 of an Arctic Paper share in exchange for one Rottneros share. Arctic Paper had announced the takeover offer to Rottneros'shareholders on 7 November 2012. Some large shareholders of pulp manufacturer Rottneros, who held more than 10% of the company's shares, wrote in a letter to the board of directors that they were unwilling to accept the takeover offer made by the fine paper manufacturer. Investment company Skagen Vekst, which holds about 7.41% of Rottneros'shares, was one such opponent of the takeover.
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