Nykredit Completes Tender Offer for Spar Nord Bank
Nykredit has successfully finalized its recommended voluntary public tender offer for Spar Nord Bank A/S, marking a significant milestone in its corporate strategy. This announcement details the preliminary results and outlines the future steps following this acquisition.
Understanding the Offer Details
On 10 December 2024, Nykredit Realkredit A/S declared its intention to acquire all shares in Spar Nord Bank, except for treasury shares. The proposed cash price began at DKK 210 per share, later adjusted to DKK 210.50 per share following positive market feedback. This adjustment reflects Nykredit's commitment to offering attractive terms to shareholders.
The Offer Document and Market Response
Nykredit published the official Offer Document on 8 January 2025, which was subsequently approved by the Danish Financial Supervisory Authority. This transparency ensured that shareholders were fully informed and prepared to make acceptance decisions. The Offer Document was updated on several occasions to address market dynamics and shareholder queries.
Current Preliminary Results
As of 20 May 2025, the offer period closed, and preliminary results indicate that Nykredit has obtained acceptances for 72,169,403 shares, equating to 61.32% of the total voting rights. With a current holding of 38,646,475 shares, Nykredit combines its acceptance figures with its existing ownership to achieve a notable 96.54% overall share representation in Spar Nord Bank.
Verification Process and Next Steps
The acceptance numbers reported are preliminary and are subject to a verification process currently being conducted by the settlement agent, Carnegie Investment Bank. This essential step ensures the accuracy of the acceptance tallies before finalizing the results.
Moving Forward: Completion and Settlement
Nykredit has confirmed that it has secured all regulatory approvals necessary for concluding this offer, fulfilling the minimum conditions required for its completion. By 23 May 2025, Nykredit plans to publish the final results, with settlement expected to occur by 28 May 2025.
Compulsory Acquisition and Delisting Plans
Upon finalizing the offer, Nykredit will initiate a compulsory acquisition for remaining shares, as indicated in the Offer Document. Furthermore, Nykredit aims to have Spar Nord Bank's shares delisted from Nasdaq Copenhagen, underlining a strategic move to streamline operations and consolidate ownership.
Contact Information for Investors and Media
Nykredit encourages shareholders and interested parties to reach out for additional information regarding the tender offer:
Investor Contact: Morten Bækmand, Head of Investor Relations, Nykredit (+45 4455 1521)
Media Contact: Orhan Gökcen, Head of Press, Nykredit (+45 3121 0639)
Frequently Asked Questions
What is Nykredit’s tender offer for Spar Nord Bank?
Nykredit is offering to buy all shares in Spar Nord Bank, which has led to significant acceptance by shareholders.
When did the offer period close?
The offer period closed on 20 May 2025.
What percentage of shares does Nykredit currently hold?
Nykredit currently holds approximately 32.83% of Spar Nord Bank’s voting rights, alongside its acceptance figures.
When will the final results of the offer be published?
The final results are expected to be published on or before 23 May 2025.
How will settlements be conducted?
Settlements for the tender offer will occur in cash through the shareholders’ account holding institutions within three business days following the final result announcement.
