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NORWEGIAN FINANS HOLDING ASA

(NOFI)
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Nordax Gets Due Diligence Access to Norwegian Finans After Raising Bid to $2.26 Billion

05/04/2021 | 01:24am EDT

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 proposal."

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 dominic.chopping@wsj.com

(END) Dow Jones Newswires

05-04-21 0324ET

Stocks mentioned in the article
ChangeLast1st jan.
NORWEGIAN FINANS HOLDING ASA 0.51% 99 Real-time Quote.35.34%
SAMPO OYJ 0.80% 40.49 Delayed Quote.17.12%
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Financials
Sales 2021 5 234 M 637 M 637 M
Net income 2021 1 746 M 213 M 213 M
Net Debt 2021 - - -
P/E ratio 2021 10,6x
Yield 2021 6,19%
Capitalization 18 498 M 2 250 M 2 253 M
Capi. / Sales 2021 3,53x
Capi. / Sales 2022 3,19x
Nbr of Employees 95
Free-Float 69,5%
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 114,25 NOK
Last Close Price 99,00 NOK
Spread / Highest target 18,2%
Spread / Average Target 15,4%
Spread / Lowest Target 11,1%
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Managers and Directors
NameTitle
Tine Gottlob Kirstan Wollebekk Chief Executive Officer
Klara-Lise Aasen Chief Financial Officer
Bjorn Ostbo Chairman
Tore Andresen Chief Operating Officer
Anita Marie Hjerkinn AarnŠs Director