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Do not give in to Enter and today you present a higher bid than the one you have made before, one that is also higher than the last Castellum offer. How is that?
“Entra is the Norwegian equivalent of Vasakronan, they have properties in the four largest cities in Norway, but also the university and the national library with public tenants. It is a perfect match for our business because we are building a company as the largest owner of social infrastructure in Europe ”.
When you have followed this tender, it appears that Castellum and Entra had discussions about a merger. And in the midst of these ongoing conversations, he came up with his offer. How is that?
“I don’t want to speculate about anything. But we do the business that we think is good for our shareholders. And we also make sure to publish our offers so that our shareholders can take a position on it. But I understand that other companies have an interest in a business. as good as Enters ”.
He has bought real estate portfolios from Entra before, so he has had a dialogue with Entra management, but seemed quite angry a few days ago that he was not allowed to make a proper assessment. The criticism came after Entra had improved its real estate portfolio by 8%, and did you mean it made an offer on previous financial reports that it said it apparently couldn’t trust?
“Yes, we have bought from Entra before. It is clear that we really want to have access to the information in a process like this, and we are grateful to now have a good collaboration with the Entra board. We have now received the information we needed to be able to perform due diligence. And there now it has been possible to verify the values that exist in Entra’s balance sheet and we have also been able to reconcile it with third parties ”.
SBB has raised the latest offer and is now paying SEK 190 per share, compared to the previous SEK 165 per share. The previous distribution consisted of 30% shares in the SBB-B series and 70% in cash. But now it’s 35% stock and 65% cash. Why?
“This gives us a stronger position to be able to achieve a triple B + rating. That way, it’s a winning deal for all of our shareholders. ”
But the whole deal with Entra won’t be finished until after New Years, right?
“Our full offer will not be published until after New Years, so that’s correct.”
The Entra board has called for calm and has roughly said that they are taking note of their latest agreement. Everything seems to be far from clear, nor is it known if Castellum will make a new offer or what Erik Selin intends to do with his newly bought Entra shares. He himself has said that it is a placement. But, if an agreement is reached, what kind of company would SBB be?
“So we are approaching the goal of becoming the largest owner of social infrastructure in Europe, so this offering increases earnings per share at SBB. The acquisition would also make SBB an incredibly financially strong company with fantastically long cash flows. “
There is still no shortage of major international players in the bidding battle at Entra. Do you think they will come?
“No, I think we will be able to carry out this deal because we have the highest offer at the moment. We have now made an offer that is favorable to Entra shareholders and to SBB.”
It has previously said that it was shareholders on the Entra side who wanted it to make another offer. What shareholders are they??
“We never comment on shareholder dialogues, but we are grateful for the support we have received from Entra shareholders.”
There are only a few listed real estate companies in Norway and those that do exist are often controlled by a major. Does this make Entra’s operation unique because it is difficult, in one go, to find such a large portfolio in the Norwegian market?
“That is absolutely correct. The competition is fierce in Norway and especially these kinds of the best properties in, for example, the center of Oslo. You don’t have the opportunity to buy them every day exactly. So, that way, Enter is This tender has also meant that more Swedish shareholders have become familiar with Entra and its excellent real estate portfolio, so I think this process has also been favorable for our shareholders. They have been able to see why we want to do this deal and what beautiful properties It has Enter ”.
SBB stated on December 23 that it intended to increase its bid for Norwegian real estate company Entra to NOK 190 per share. It is the result of the due diligence review that SBB has completed. SBB had previously offered NOK 165 per share, but that offer was later withdrawn.
SBB’s announcement comes after Castellum raised its bid for Entra to NOK 185 per share on Friday.
SBB’s second offering is NOK 190 per share. The offer means that 65 percent of the consideration is delivered in cash and 35 percent in own B shares.
Castellum states that they currently have no comment on SBB’s latest offering.
