Topdanmark sees best day ever after Sampo bid

Sampo

17/06/2024 08:32

** Shares in Danish insurer Topdanmark  TOP.CO  rise 21%
after a takeover offer made by its Finnish rival Sampo
 SAMPO.HE 
    ** The all-share deal values Topdanmark at 33 billion Danish
crowns ($4.73 billion), the two companies said in a joint
statement on Monday
    ** Based on Friday's closing share prices, the offer
represents a 27% premium per share of Topdanmark, the companies
said
    ** Sampo already owns 48.5% of the Danish property and
casualty (P&C) insurer, according to LSEG data
    ** Inderes analyst Kasper Mellas says the transaction did
not come as a complete surprise
    ** "At this stage, we believe that the merger is likely to
be completed, as the boards of both companies recommend its
approval," Mellas adds 
    ** On Monday, Sampo also said it was to deploy EUR 800
million of capital through a new share buyback programme and
potential squeeze-out of Topdanmark minority shares
    ** Topdanmark stock is on track for its best day ever,
topping the pan-European STOXX  .STOXX  index, while Sampo
shares slide 3% at 0720 GMT

($1 = 6.9743 Danish crowns)

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))