On 4 March 2021, Nordax Bank AB (publ) (“Nordax”) announced its intention to launch a voluntary offer for the shares in Norwegian Finans Holding ASA (“NFH” or “the Company”), subject to completion of satisfactory due diligence. The proposed offer price was NOK 95 per NFH share in cash (including the dividend of NOK 5 per NFH share to be distributed on 6 May to registered shareholders as of 27 April). This offer was rejected by the Board of Directors of NFH on 9 March, inter alia on the basis of the Board of Director’s view that the price offered did not justify granting access to due diligence.
The Board of Directors has received a revised indicative offer from Nordax at NOK 100 per NFH share in cash (excluding the dividend of NOK 5 per NFH share to be distributed on 6 May to registered shareholders as of 27 April), an improvement of NOK 10 per NFH share compared to the offer on 4 March. The proposed offer is conditional on acceptance from 90% of NFH’s shareholders, with Nordax reserving the right to lower the acceptance threshold to 2/3.
On the basis of this revised offer and after careful consideration the Board of Directors has resolved to grant Nordax access to a confirmatory due diligence process and the parties have entered into an agreement to this effect.
The Board of Directors will revert with its statement to shareholders in respect of any offer after the due diligence process has been completed.
Any recommendation by the Board of Directors is subject to agreement on the terms of the offer.
There is no certainty at this stage that any offer will be made or that the Board of Directors will recommend an offer. The decision by the Board of Directors to grant access to due diligence does not imply a recommendation of the revised proposal. Further announcements will be made when appropriate.
Head of Treasury Mats Benserud; phone +47 95891539; e-mail firstname.lastname@example.org
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act