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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  ABG Sundal Collier Holding ASA    ABG   NO0003021909

ABG SUNDAL COLLIER HOLDING ASA

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Norway real estate firm Entra rejects second Swedish suitor

11/25/2020 | 05:02am EST

OSLO (Reuters) - Norwegian real estate firm Entra has turned down a proposed takeover by Sweden's Castellum, the two companies said on Wednesday, sending Entra's shares down 3.4%.

It was the second time in two days that Oslo-listed Entra rejected a Swedish suitor following its decision on Tuesday to spurn a 30 billion Norwegian crowns ($3.4 billion) bid from real estate firm SBB.

Entra's board said it appreciated the interest in the firm, but has decided to continue on its own, even as SBB is still expected to move forward with its bid.

"The board believes that Entra has a bright future as an independent company," it said in a statement.

Castellum said it had proposed a bid that was higher than the 165 Norwegian crowns per share offered by SBB on Wednesday, but did not elaborate.

"Despite reaching an advanced stage, the discussions have not resulted in an agreement for the transaction and are therefore considered terminated," Castellum said.

Unlike Castellum, SBB is still expected to move forward with its unsolicited offer to Entra's owners, with a bid consisting of a mix of cash and stock.

Entra's shares traded 3.5% lower at 0945 GMT at 166 Norwegian crowns, slightly above SBB's bid, while Castellum's shares rose by 1.1%.

Entra's assets include the 26-storey Posthuset office block in Oslo, the Norwegian capital's second-tallest building.

SBB on Tuesday said its proposed takeover would create the largest listed real estate company in northern Europe and give increased stock market liquidity and access to capital.

SBB's shares fell by 0.2%.

Citigroup, Goldman Sachs and Arctic Securities were advising SBB, while Entra contracted ABG Sundal Collier to work on its behalf.

($1 = 8.8871 Norwegian crowns)

($1 = 8.5374 Swedish crowns)

(Reporting by Terje Solsvik)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ABG SUNDAL COLLIER HOLDING ASA -2.43% 6.42 Real-time Quote.3.13%
CASTELLUM AB -3.25% 202.4 Delayed Quote.0.24%
CITIGROUP INC. -1.87% 60.19 Delayed Quote.-0.54%
ENTRA ASA -0.36% 191.9 Real-time Quote.-0.82%
SAMHÄLLSBYGGNADSBOLAGET I NORDEN AB (PUBL) -0.43% 27.48 Delayed Quote.-3.70%
THE GOLDMAN SACHS GROUP, INC. -2.74% 281.46 Delayed Quote.9.74%
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Financials
Sales 2019 1 323 M 154 M 154 M
Net income 2019 227 M 26,5 M 26,5 M
Net cash 2019 564 M 65,8 M 65,8 M
P/E ratio 2019 8,96x
Yield 2019 9,77%
Capitalization 2 924 M 344 M 341 M
EV / Sales 2018 1,38x
EV / Sales 2019 0,96x
Nbr of Employees 290
Free-Float 72,3%
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Managers and Directors
NameTitle
Jonas Ström Chief Executive Officer
Knut Brundtland Chairman
Geir Børge Olsen Chief Financial Officer
Per Tharaldsen Head-Information Technology
John A. S. Olaisen Head-Global Research
Sector and Competitors