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By Thursday morning, it will become clear that the Swedish real estate company Balder has more than 10 percent ownership in Entra. This comes after the Swedish company bought 20,000 shares in Entra yesterday, December 9.
Balder thus surpasses Swedish competitor Castellum on Entra’s list of shareholders, and is now the second largest owner after Folketrygdfondet. Castellum still has an offer for Entra on which the Norwegian company’s board has not made any recommendation.
Therefore, the purchase of Balder shares will be announced the day after it is clear that SBB has withdrawn its offer for Entra.
It wasn’t until Dec. 7 that Balder announced that he had exceeded five percent ownership in Entra. Erik Selin, Balder’s director, later said that they did not intend to bid for the entire Norwegian company.
– We prefer that Entra continue to be listed on the Oslo Stock Exchange. The company is well managed, has an excellent real estate portfolio and good management that over time will create value for the company’s stakeholders. We view Entra as a good long-term investment and do not intend to bid for the entire company, Selin said, according to TDN Direkt.
Took out the offer
Thus, on Wednesday it emerged that SBB, which was the first to bid for Entra at the end of November, had withdrawn from the tender campaign.
This came after Entra submitted a new valuation of its portfolio, a valuation with which SBB disagreed.
CEO Ilija Batljan further told DN that “it is very difficult when someone has already received information and we do not have the same access to information.”
– I have experienced this as a platform from the beginning. The most important thing to me is that I have tried to be correct and make sure that the shareholders have received the same information. This assessment shows that the Norwegian state has sold shares below the legitimate market price at the expense of Norwegian taxpayers. That’s not good, Batljan told DN.
Entra fought back not long after, writing in a stock ad:
– It is important for the board to emphasize that SBB has had the same access to information on Entra, in a computer room, as other stakeholders. SBB, as well as other stakeholders, was also offered access to Entra’s board and direction, including to discuss the updated valuation, board chair Siri Hatlen said in the exchange announcement.
Tug of war
It was at the end of November that SBB’s offer was known. Eventually, Castellum also jumped into the fray. Entra’s board offers benefit from the latter’s offer to make a recommendation.
As is known, Castellum bought the shares of the Ministry of Commerce and Industry in Entra and secured a stake of just over eight percent.
Castellum’s offer was for NOK 170.86 per share, NOK 5.68 more than SBB’s offer, which has now been withdrawn.
Since SBB’s original offering in late November, Entra has encouraged shareholders to exercise caution when trading in the company’s shares until it is clear what will happen next.
It is not yet clear when the board will make its recommendation on Castellum’s offer, but on Wednesday it was announced that “the board, in accordance with the law, will at an appropriate time give a recommendation to the company’s shareholders on whether they should accept or not the offer. ”
