Norwegian Protector Forsikring cancels bid for Unison

10 June 2010 - Norwegian insurer Protector Forsikring ASA (OSL: PROTCT) said late Tuesday it will not launch a formal offer for local rival Unison Forsikring ASA (OSL: UNISON).

The decision follows the announcement by SpareBank 1 Skadeforsikring AS, part of Norwegian financial services group SpareBank 1 Gruppen AS (OSL: SBGRP), that it would offer NOK14 apiece, before adjusting for the planned rights issue in Unison. The offer values the takeover target at NOK163.5m. The bid is backed by Unison Forsikring's board of directors. More than 60% of the shareholders have pre-committed to accept the offer.

On 30 May 2010, Protector Forsikring unveiled plans to offer NOK11 apiece.

Thus, the shareholders in Unison Forsikring who have pre-accepted Protector's offer, are free to accept the offer from SpareBank 1 Skadeforsikring instead, Protector Forsikring said.

(EUR1 = NOK7.9)

((Comments on this story may be sent to tww.feedback@m2.com))