Announcement by the Board of Directors concerning takeover bid for Forstædernes Bank A/S made by Nykredit Realkredit A/S

Company announcement 18 - 2008

15 September 2008

Announcement by the Board of Directors concerning takeover bid for Forstædernes
Bank A/S made by Nykredit Realkredit A/S

Today, Nykredit Realkredit A/S has made a public takeover bid to the
shareholders of 
Forstædernes Bank A/S.
Pursuant to the offer, Nykredit Realkredit A/S offers, on certain conditions,
to purchase all shares in the bank at a cash price of DKK 105 per share of a
nominal value of DKK 25. 
Pursuant to Section 14 of the Executive Order on Takeover Bids, the bank's
Board of 
Directors has considered the tender offer. The statement of the Board of
Directors is 
attached to this announcement and forms an integrated part thereof.
Based on the advantages and disadvantages of the tender offer as identified by
the Board 
of Directors and the other circumstances and terms stated in the attached
statement, the Board of Directors has unanimously resolved to recommend that
the shareholders accept the tender offer. 
The tender offer is, inter alia, conditioned upon the implementation of certain
amendments´of the company's articles of association, one of them being that the
existing voting restriction of 1/1000 of the total share capital is abolished.
At its earliest convenience the Board of Directors will convene an
extraordinary general meeting in order to implement the amendments to the
articles of association necessary for the execution of the tender offer. 

Jesper Andreasen
Chairman of the Board of Directors
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Contact Persons:
Jesper Andreasen, Chairman of the Board of Directors: Tel. +45 40 58 63 34
Steffen Torvits, Investor Relations and Press Manager: Tel. +45 22 22 20 36
This announcement