Lunar Bank A/S agreed to acquire an unknown minority stake in Instabank ASA (OB:INSTA) for NOK 1.3 billion on March 28, 2022. The consideration offered is NOK 3.75 per share. The offer period will commence on March 28, 2022 and expire on April 11, 2022. The transaction is subject to regulatory approvals. Barring any unforeseen circumstances, it is expected that the Offer will be completed in the second quarter of 2022. As per update on May 20, 2022, long stop date for the transaction is September 30, 2022. As of May 30, 2022, Norwegian Financial Supervisory Authority rejected the transaction. Lunar will now submit a new application that presents new information. It is confident that the new application will be approved, and the transaction and settlement of the offer will be completed before the deadline by September 30, 2022. As of August 4, 2022, Lunar has now informed Instabank that Lunar's management deems it unlikely that Lunar will be able to raise the required capital and complete the regulatory approval process before the long-stop date for the offer of September 30, 2022. As earlier communicated, Instabank notes that there are no conditions in Lunar's offer relating to Lunar's capitalization or any capital raise by Lunar. Instabank will continue to assess the situation and any steps to be taken by Instabank to protect the interests of Instabank and its shareholders. Pareto AS acted as financial advisor to Instabank ASA and Advokatfirmaet Thommessen AS acted as legal advisor to Instabank ASA. ABG Sundal Collier Norge ASA acted as financial advisor to Lunar Bank A/S and Advokatfirmaet Schj°dt As acted as legal advisor to Lunar Bank A/S.
Lunar Bank A/S cancelled the acquisition of Instabank ASA (OB:INSTA) on September 30, 2022.