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The Entra board says no to Castellum’s offer to buy the company. It appears from a statement from the company’s board of directors.
In light of the company’s valuation presented on December 9, Entra’s Board of Directors will not recommend Castellum’s offer that was received on November 26.
The Board believes that the level of the announced offering does not reflect Entra’s underlying values or the company’s foundation for long-term value creation, it is written in a press release.
However, he is open to discussing initiatives that can form the basis for creating additional value for shareholders in the future.
– After receiving inquiries from Castellum and SBB in November, the Board has considered alternative strategic alternatives for the company and is prepared to continue with the processes that are still relevant. If a clearly value-creating transaction with Castellum or other parties is available, the Board will consider how such transaction can best be structured and implemented. This may involve alternative transaction structures for a voluntary offer on Entra shares. The purpose of the Board is to develop shareholder value and do what is in the common interest of the company and shareholders. The Board aims to draw a conclusion on what is believed to be the best way forward for Entra on December 21, 2020, says Siri Hatlen, Chairman of the Entra Board.
The Board has already communicated that neither the strong value development in the Norwegian real estate market, nor the strong project development potential of Entra, are sufficiently reflected in the initiatives presented thus far as an alternative to continuing as an independent company.
