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

On Sept. 16, 2024, Sampo made the preliminary announcement of attaining 92.6% of the outstanding Topdanmark shares excluding treasury shares, as final. As Sampo owns more than 90%, starting Sept. 20, 2024, Sampo will therefore buy the remaining 6.6 million shares of Topdanmark that it does not own at a price of DKK 366.38 per share, 1.25 times Sampo’s June 14, 2024, EUR 39.29 per share closing price. This residual acquisition is expected to cost around EUR 325 million of the EUR 400 million set aside for the squeeze out. The EUR 400 million share buyback announced as part of the EUR 800 million capital deployment will be increased to EUR 425 million, which should end no later than Nov. 30, 2024. We maintain our narrow moat rating and our fair value estimate.