Unleashed from Outdated Restrictions, REC Silicon Assesses Anchor AS's Cash Offer on Fresh Terms

Steering away from the general takeover norms, Anchor AS, the Offeror in the intriguing corporate play, has waived off the ‘Board Recommendation’ condition from its cash offer. This innovative move, unheard of in regular merger and acquisition tales, leaves the recently elected board of REC Silicon ASA, the offeree company, free to reassess the all-cash voluntary offer.

Previously, strict restrictions bound the board recommendations. However, after the election of new board members on June 25, 2025, this decision has set forth much-needed flexibility in the process. This implies a waiver of the same restriction under their transaction agreement as well. The new board will thus not be tethered to the actions of their predecessors and will be able to independently conclude on whether to reconfirm or withdraw the recommendation of the offer.

It is worth noting that while the ‘Board Recommendation’ condition has been waived off, the offer is still subject to the remaining conditions as stated in section 1.3 of the Offer Document.

These dramatic developments have brought an element of suspense and unpredictability in stock exchange narratives, making it a spectacle to behold.