Norwegian Protector to launch NOK124m takeover bid for Unison Forsikring

31 May 2010 - Norwegian insurer Protector Forsikring ASA (OSL: PROTCT) said Sunday evening it will make a voluntary public cash offer for all outstanding shares in Unison Forsikring ASA (OSL: UNISON), valuing the company at some NOK124m.

The offer price will be NOK11.00 apiece, corresponding to a premium of 48.8% to the average trading price on 28 May.

The bid price will be reduced to reflect the dilutive effect of the proposed rights issue in Unison Forsikring of at least NOK25m and up to NOK47.4m (of which NOK25m has been guaranteed) at a subscription of NOK7.00 per share, Protector said.

Subsequently, the offer price will be NOK10.04 per share given minimum rights issue and an NOK9.50 per share given maximum rights issue.

(EUR1 = NOK8)

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