Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

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

ABG SUNDAL COLLIER HOLDING ASA

(ABG)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Norway's Entra rejects SBB's $3.3 billion bid, eyes alternative offer

11/24/2020 | 08:42am EST
FILE PHOTO: Norwegian flags flutter at Karl Johans street in Oslo, Norway

OSLO (Reuters) - Swedish real estate firm SBB launched a 30 billion Norwegian crown ($3.34 billion) takeover bid for Norway's Entra on Tuesday, but the approach was met with a swift rejection.

Entra said an offer may instead emerge from a different bidder, sending the company's shares soaring.

"While the board appreciates the interest ... the potential offer will not be recommended," Entra said of SBB's bid.

"Prior to today's offer from SBB, (Entra) has received a separate non-binding proposal from another party that may or may not lead to an offer," the Oslo-listed firm said in a statement.

In a sign that investors expect more bids to come, Entra's share price surged 20.5% to 173.2 Norwegian crowns, more than SBB's valuation of 165 crowns.

Shares in SBB fell 3.4% to 28.20 Swedish crowns by 1305 GMT.

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

SBB 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 has chosen to publish its intention to launch an offer with the aim to provide Entra's shareholders with an opportunity to accept the offer prior to year-end," the Swedish company said.

SBB has identified potential annual savings of 260 million Swedish crowns ($30.2 million) from a merger, of which 60 million would come from operations and 200 million from lower funding costs for the combined company, it said.

SBB's bid consisted of a cash portion of 115.5 crowns per Entra share as well as new shares in SBB worth 49.5 crowns each, representing a premium of 14.8% to Entra's closing share price on Nov. 23, the Swedish company said.

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

($1 = 8.9874 Norwegian crowns)

($1 = 8.6000 Swedish crowns)

(Reporting by Terje Solsvik; editing by Jason Neely, Jane Merriman and Susan Fenton)

By Terje Solsvik


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ABG SUNDAL COLLIER HOLDING ASA 0.00% 6.58 Real-time Quote.3.13%
CITIGROUP INC. -0.87% 61.33 Delayed Quote.-0.54%
ENTRA ASA -0.21% 192.6 Real-time Quote.-0.82%
SAMHÄLLSBYGGNADSBOLAGET I NORDEN AB (PUBL) -1.29% 27.6 Delayed Quote.-3.70%
THE GOLDMAN SACHS GROUP, INC. 0.01% 289.39 Delayed Quote.9.73%
All news about ABG SUNDAL COLLIER HOLDING ASA
01/21FJORDKRAFT : FKRFT - Disclosure of shareholding and mandatory notification of tr..
AQ
01/20FJORDKRAFT : FKRFT - Contemplated secondary placing
AQ
01/18Kahoot! - Mandatory notification of trade and disclosure of significant share..
AQ
01/04ABG SUNDAL COLLIER : - Share transactions
AQ
2020STORM REAL ESTATE ASA : - Commencement of the offer period in the Mandatory Offe..
AQ
2020Mandatory offer - offer document approved
AQ
2020Kahoot! - Mandatory notification of trade
AQ
2020ABG SUNDAL COLLIER : ABGSC advises on first green listing
AQ
2020ABG SUNDAL COLLIER : Elektroimportøren - Stabilisation and over-allotment notice
AQ
2020Axactor SE - Written Resolution Resolved
AQ
More news
Financials
Sales 2019 1 323 M 156 M 156 M
Net income 2019 227 M 26,8 M 26,8 M
Net cash 2019 564 M 66,4 M 66,4 M
P/E ratio 2019 8,96x
Yield 2019 9,77%
Capitalization 2 924 M 344 M 344 M
EV / Sales 2018 1,38x
EV / Sales 2019 0,96x
Nbr of Employees 290
Free-Float 72,3%
Chart ABG SUNDAL COLLIER HOLDING ASA
Duration : Period :
ABG Sundal Collier Holding ASA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ABG SUNDAL COLLIER HOLDING ASA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
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