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The Swedish real estate company values Enter at just over NOK 31 billion and agrees with SBB’s offer. The Norwegian state has already decided to sell its shares.
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There is an all-out battle for former state real estate company Enter.
On Thursday morning, Sweden’s Castellum confirmed that she will bid higher for Entra than Samhällsbyggnadsbolaget i Norden (SBB) has made.
At the same time, the company has secured 8.24 per cent of Entra’s shares after the purchase from the State. The Entra board makes it clear that they, along with their advisers, will now consider the offer.
The offer will value each Entra share at NOK 170.86, which the Norwegian company values at NOK 31.1 billion. If the transaction goes through, Entra shareholders will receive both shares and cash.
Shareholders will receive 13 new Castellum shares for every 20th share they hold in Entra, plus a cash payment of NOK 25.68.
On Wednesday morning, Castellum said talks with Entra about an offer had ended. At the same time, Entra’s board of directors stated that it did not consider the proposals at that time as the basis for further processing regarding a possible transaction.
The state sells
As mentioned, the State in the Ministry of Commerce and Industry has decided to sell all of its 15 million shares of Entra to Castellum. The price of these shares is NOK 169, giving a total sale price of NOK 2.53 billion.
At the same time, an agreement has been concluded whereby the State will receive additional compensation if Castellum completes the acquisition of the company.
– The government has long made it clear that the state is not a long-term owner of Entra. The stock has developed well since listing in 2014 and I am very pleased with the sale, says Trade and Industry Minister Iselin Nybø in a press release.
Nybø further says that it believes that a merged company will be the main Nordic real estate company and therefore the offer seems correct from both an industrial and a financial point of view.
In this way, Castellum is already the second largest shareholder of Entra. The largest shareholder remains the state through Folketrygdfondet, which owns 11.76 percent of the shares.
E24 has been in contact with Folketrygdfondet, who currently does not wish to comment on the situation.
The state has interests on both sides of the trading of Entra shares, given that the Petroleum Fund still owns 2.1 percent of Castellum, as it did at the end of last year. These shares were worth NOK 1.2 billion.
Competitor offer
The battle for Entra surfaced Tuesday morning when Entra confirmed they were in talks that could end in an offer.
A few hours later, SBB made an offer that was not part of these talks.
The offer announced by SBB is around NOK 30 billion and values each share of Entra at NOK 165. In this offering, the settlement is offered to shareholders in the form of NOK 115.50 per share in cash and NOK 49.50 in the form of SBB shares.
