October 26, 2021

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Nordax acquires full control of Bank Norwegian - E24

Nordax acquires full control of Bank Norwegian – E24

The Swedish bidder now controls a 91.8 per cent stake in the Norges Bank.

Purchase pending: Norwegian Bank has been acquired by Nordax Bank of Sweden.

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The Swedish bank, which made an offer to buy Norges Bank, announced earlier on Friday that it had bought 3.44 million shares.

Shortly after 5pm, the Norwegian bank announced in a new announcement that Nordax had secured a 91.8 percent ownership stake. Thus, they have reached the 90 per cent threshold, which gives the right to involuntary redemption of minority shareholders and to have full control.

Nordax previously lowered the requirement for actual acceptance in its bid, so that the bank said in any case it was satisfied with an ownership stake smaller than 90 percent.

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Nordax Reached Norwegian Bank Acceptance Rate After Adjustment

The bank first announced its interest in the acquisition in March, but faced a cold shoulder from Norges Bank shareholders.

Nordax then raised the bid to NOK 105 per share, and also lowered the acceptance requirement to 66.67 per cent from 90 per cent.

The reduced acceptance rate was reached in September. Store owner Folketrygdfondet, who opposed the sale, also accepted the offer and sold his shares earlier in October.

The deadline for bidding has been extended several times. On Friday, Nordax announced that it would extend the deadline for the last time, until October 15 at 16.30.

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