SpareBank 1 Midt-Norge raises its offer for Romsdals Fellesbank to NOK 171 per share

 | Source: Sparebank 1 SMN Sparebank 1 SMN

SpareBank 1 Midt-Norge has decided to raise its offer price to NOK 171 per share. The deadline for accepting the offer has concurrently been extended to Friday 14 January 2005. SpareBank 1 Midt-Norge has dropped its 90% acceptance requirement. Once the offer period expires SpareBank 1 Midt-Norge will apply for authorisation to acquire the majority shareholding for which acceptances have been received.
 
SpareBank 1 Midt-Norge's strategy stands firm. A majority of Romsdals Fellesbank ASA's shareholders favour integration of the two banks since this will be in the best interest of the region and of both banks' customers, employees and owners.
 
  • A majority of the Romsdals Fellesbank's shareholders are in favour of integration. SpareBank 1 Midt-Norge already had, as early as 23 December, prior acceptances from 50% of Romsdals Fellesbank's shareholders
  • Integration will preserve the competitive situation in Møre and Romsdal, and customers will enjoy an enhanced range of products and services
  • No-one will lose their job as a result of a takeover, new competence functions will be added and the branch structure will be retained
  • Romsdals Fellesbank's brand name will be retained and will form the basis for the merged bank's further expansion in Møre and Romsdal
    •  
    SpareBank 1 Midt-Norge once again regrets the continued blank refusal of the board of Romsdals Fellesbank ASA to enter into a dialogue.
     
    Please note that all shareholders who submit an acceptance-of-offer form by the deadline date will benefit from the new offer price. All shareholders who have already submitted an acceptance-of-offer form will automatically have their acceptances adjusted to the new offer price. No changes have been made to the offer document or other terms or conditions.
     
    Trondheim, 3 January 2005
     
    Contacts:
     
    Any questions may be addressed to the Managing Director, Finn Haugan, tel.: + 47 90 04 10 02
    or the chief financial officer, Kjell Fordal, tel.: + 47 90 54 16 72 or general manager Marvin Wiseth, tel.: + 47 91 86 79 31
     
     
    About us
     
    SpareBank 1 Midt-Norge is Central Norway's leading financial group. We are market leaders in personal and business banking and have 48 offices in 42 municipalities, in addition to distributing our services through 17 in-shop banks. Our head office is in Trondheim. The group has approximately 700 employees and comprises, in addition to banking operations, the subsidiaries SpareBank 1 Finans Midt-Norge AS, EiendomsMegler 1 Midt-Norge AS, Allegro Finans ASA and Midt-Norge Regnskap AS.
     
    Our mission is to be the recommended bank for customers in Central Norway and, as a local, independent savings bank, we feel a special responsibility for stimulating growth and quality of life in the region. We base our business on proximity to customers, good accessibility, a complete range of banking, financial and insurance products, and holistic financial advisory services.
     
    SpareBank 1 Midt-Norge is one of seven owners of SpareBank 1 Gruppen AS.
     
    For more information, visit our website at http://www.smn.no
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