Nordax Gets Due Diligence Access to Norwegian Finans After Raising Bid to $2.26 Billion
By Dominic Chopping
STOCKHOLM--Sweden's Nordax Bank AB said late on Monday that it
has been granted due diligence access to Norwegian Finans Holding
ASA after proposing an improved bid for the owner of the internet
bank started by Norwegian Air Shuttle ASA founder Bjorn Kjos.
Nordax said it has proposed a higher offer of 18.7 billion
Norwegian kroner ($2.26 billion) after having an initial NOK17.8
billion bid rejected last month.
Nordax had offered NOK95 a share in cash, including the NOK5
dividend per Norwegian Finans Holding share to be distributed on 6
May to registered shareholders as of 27 April.
Its revised indicative offer of NOK100 per share excludes the
dividend of NOK5, so implies an improvement of NOK10 per share
compared to the initial offer.
The proposed offer is conditional on due diligence and
acceptance from 90% of shareholders, with Nordax reserving the
right to lower the acceptance threshold to 2/3.
"There is no certainty at this stage that any offer will be made
or that the board of directors will recommend an offer," Norwegian
Finans Holding said.
"The decision by the board of directors to grant access to due
diligence does not imply a recommendation of the revised
Norwegian Finans Holding is the owner of Bank Norwegian AS, the
online bank launched in 2007 as a support platform for Norwegian
Air Shuttle's reward program.
Write to Dominic Chopping at firstname.lastname@example.org
(END) Dow Jones Newswires
May 04, 2021 03:24 ET (07:24 GMT)
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