Insurance group Sambo says that on Monday 9.9. expired bid for the Danish Wholesaler of all the shares, according to the preliminary result, Sammo owns approximately 92.6 percent. Accordingly, Sampo intends to proceed with the implementation of the purchase offer.
The preliminary result includes Sampo’s previous Topdanmark ownership, but does not include Topdanmark’s own shares.
“We are satisfied with the successful outcome, which is an important milestone for all of us. We look forward to Sammo’s parallel listing on Nasdaq Copenhagen and the integration of Topdanmark’s operations into If, so that we can achieve the attractive synergies we have identified,” says Sammo’s Group CEO Torbjörn Magnusson in the bulletin.
The final result of the tender will be announced no later than September 16, 2024, says Sampo. After this, Sampo intends to start the mandatory redemption of the shares remaining to the minority shareholders “in accordance with Danish law as soon as reasonably possible after the completion of the offer”. Mandatory redemption becomes possible when Sampo acquires at least 90 percent of Topdanmark’s shares. As a result, Topdanmark will also be delisted from the Danish stock exchange.
To redeem Topdanmark’s minority shares, it is expected that the majority of the 400 million euros allocated to it and buybacks will be used, which is part of the use of total capital of 800 million euros. The minority shares are expected to be redeemed in cash.
The offer period started on August 9. Sampo has already announced that all the necessary approvals from the authorities for the execution of the purchase offer have been received, and the Copenhagen Stock Exchange has approved the admission of Sampo’s A shares to trading.
Source: www.arvopaperi.fi
