On 10 December 2024, Spar Nord Bank A/S (“Spar Nord”) and Nykredit Realkredit A/S (“Nykredit”) announced the entering into an agreement pursuant to which Nykredit will launch a recommended public tender offer of DKK 210 per share (the “Offer”) for all outstanding shares in Spar Nord, one of the largest banks in Denmark. Following the transaction, Spar Nord and Nykredit Bank A/S (a wholly owned subsidiary of Nykredit) will expectedly merge and create the third largest bank in Denmark.
The agreed offer price of DKK 210 per Spar Nord share implies a premium of approx. 49% over the Spar Nord closing price on Monday 9 December 2024, and premiums of approx. 58% and approx. 58% to the 3-month and 6-month VWAPs, respectively. The Offer values the entire share capital of Spar Nord at DKK 24.7bn.
Spar Nord Fonden (“Spar Nord Fonden”), the largest shareholder in Spar Nord, has announced its support for the Offer and, subject to customary conditions, signed an irrevocable undertaking to sell all of its shares to Nykredit, corresponding to 20.27% of the total share capital.
ABG Sundal Collier is acting as independent, financial advisor to Spar Nord Fonden.
