EQT moves to replace Fortnox board after takeover

A consortium led by private equity firm EQT has called for an extraordinary general meeting to replace the board of Swedish software company Fortnox, following the completion of its takeover offer.

The meeting, requested by the bidder Omega II AB, will be held on July 9, according to a company filing on Wednesday.

Omega II, which represents EQT X and First Kraft AB, said it will own 80.5% of Fortnox shares following the settlement of the offer around June 18.

The agenda for the meeting includes the determination of the number of board members and their fees, as well as the election and removal of board members.

The bidder has said it will present its proposals for the new board composition no later than the general meeting.

The move follows a public cash offer announced in March by the consortium, which valued Fortnox at 54.9 billion Swedish kronor and was unanimously recommended by the company's board.

In its offer announcement, the bidder said its plans "do not currently include any material changes with regard to Fortnox's operational sites or its management and employees, including their terms of employment."