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Update on the all-cash offer on all shares in Kahoot! ASA

Read more about the offer, the Board of Directors’ assessment and what to do if you are a shareholder. Information in Norwegian on the bottom.


On 14 July Kahoot! announced an agreement for a recommended voluntary offer from Goldman Sachs Asset Management, together with the growth equity fund General Atlantic, KIRKBI Invest (owned by KIRKBI/LEGO group), founders and management, as well as other shareholders to take Kahoot! ASA off the Oslo Stock Exchange, after which the company will be run as a privately owned company.

This best and final offer price of NOK 35 per share by the offerors represents an aggregate equity purchase price of NOK 17.2 billion. 

Kahoot!’s Board of Directors, excluding its members having a conflict of interest, decided unanimously to recommend the offer, as it in the Board’s opinion represents a fair valuation of the company. The Board also believes that this solution will benefit our users, customers, employees and partners going forward.


The Board of Directors’ assessment

The Board’s assessment is based on a robust valuation framework and an assessment of the matters, which the board has concluded to be material in evaluating the offer. These include, but are not limited to:

  • information and assumptions on business operations and financial scenarios related to Kahoot!’s expected future development; 
  • an assessment of risks and opportunities related to the execution of the company’s current strategy, as well as volatility in external markets;
  • valuation multiples of the shares compared to the industry multiples prior to the announcement of the offer; 
  • premium being offered for the shares on 3 and 6-month volume weighted average price, and over analyst target price consensus, as well as historical trading price of the shares last 18 months;
  • fairness opinion issued by Morgan Stanley and ABG Sundal Collier;

The Board on 14 August also received an independent statement from PwC in relation to the voluntary offer, pursuant to the Norwegian Securities Trading Act section 6-16.

PwC has assessed the equity value of Kahoot! ASA, based on a discounted cash flow model (“DCF”), including a market approach valuation based on listed comparable companies and historical bid premiums. PwC’s opinion is based on the financial, economic, market and other conditions, as well as other available information.

Subject to appropriate conditions and limitations, it is PwC’s opinion that the offer as of this date, from a financial point of view, is fair to the owners of shares in Kahoot!. 

To learn more about the Board’s assessment, read our earnings report for the second quarter.


Are you a shareholder in Kahoot!? 

The offer document and acceptance form has been distributed by mail to all shareholders and contains all relevant information. 

If you haven’t received the documents, you can find them here. 

The offer period will expire on 23:00 (Norwegian time) on 6 October 2023. 


Would you like to accept the offer? 

You will then need to fill out the acceptance form. When properly filled out, send it to

Danske Bank Norwegian Branch
Attn: Business Excellence
Bryggetorget 4,
N-0250 Oslo, Norway

The acceptance form must be received by Danske Bank Norwegian Branch by the abovementioned deadline. 

Important to note is that if you as a shareholder don’t return the acceptance form by the deadline, this will be considered that you do not want to sell their shares.


Do you not wish to accept the offer? 

Every shareholder can choose not to accept the offer. If you choose not to accept, you do not have to take any action.


Do you have questions? 

Danske Bank and Goldman Sachs International work as financial advisors on behalf of the offeror in relation to the voluntary offer. 

Please contact Danske bank via phone (+47) 85 40 55 00 or email if you have any questions about the offer.

You can also find more information on Danske Bank’s website both in English and Norwegian. 


Er du aksjonær i Kahoot!? 

Tilbudsdokumentet og akseptblanketten har blitt sendt i posten til alle selskapets aksjonærer, og inneholder all relevant informasjon. 

Om du ikke har mottatt dokumentene, finner du dem her

Tilbudsperioden varer til klokken 23:00 (norsk tid) 6. oktober 2023. 

For oppdatering om aksepter (28. august), les mer her.

Hvis du har spørsmål kan du ta kontakt med Danske Bank i Norge, som vil kunne svare på disse enten på telefon (+47) 85 40 55 00 eller e-post


Ønsker du å akseptere oppkjøpstilbudet? 

Da må du fylle ut akseptblanketten og sende den til: 

Danske Bank Norwegian Branch
Attn: Business Excellence
Bryggetorget 4,
N-0250 Oslo, Norge

Akseptblanketten må være mottatt av Danske Bank innen den overnevnte tidsfristen. 

Merk at hvis du ikke svarer på oppkjøpstilbudet, vil dette regnes som at du ikke ønsker å selge aksjene dine.


Ønsker du ikke å akseptere oppkjøpstilbudet? 

Alle aksjonærer står fritt til å akseptere et tilbud om oppkjøp av sine aksjer. Om du ikke ønsker å akseptere, behøver du ikke å foreta deg noe.  


Har du spørsmål? 

Danske Bank og Goldman Sachs International opptrer som finansielle rådgivere for tilbudsgiveren i forbindelse med det frivillige tilbudet. 

Ta kontakt med Danske Bank på telefon (+47) 85 40 55 00 eller e-post hvis det skulle være noen spørsmål relatert til tilbudet.

Du finner også mer informasjon på Danske Banks hjemmesider.