Sampo: Preliminarily Attains Minimum Number of Acceptances to Buy Remaining Topdanmark Shares

After the expiration on Sept. 9 of the offer to buy the remaining Topdanmark shares that it does not own, Sampo announced on Sept. 10 that based on the preliminary nonbinding acceptances, it would own 92.6% of Topdanmark shares, excluding those held in treasury. As a result of owning over 90%, Sampo has announced that—assuming the preliminary result is announced as final—it will no later than Sept. 16 carry out a squeeze-out of the remaining shares using EUR 400 million of the EUR 800 million set aside in relation to the offer for a buyback and potential squeeze-out. That squeeze-out should be cash settled. The offer is expected to settle on Sept. 19. Sampo has obtained all necessary regulatory approvals. We maintain our fair value estimate and our narrow moat rating.