Sleep Cycle proposes Audiowell acquisition via rights issue, triggering Altor takeover bid

Sleep Cycle, majority-owned by Altor, proposes acquiring Audiowell (co-owned by Altor) via a rights issue, which is expected to trigger a mandatory takeover bid for Sleep Cycle. The deal structure suggests a related-party transaction with a 23% premium, raising governance questions. The outcome depends on shareholder approval and regulatory review.