Jyske Bank — M&A Activity 2018

Apr 5, 2018

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RNS Number : 0155K

Jyske Bank A/S

05 April 2018

5 April 2018

Improvement of offer to Nordjyske Bank's shareholders

Jyske Bank has today decided to increase the price of the voluntary offer which will be made to the shareholders of Nordjyske Bank, Business Reg. No. (CVR-nr.) 30828712 (ISIN DK0060034353). The management of Nordjyske Bank has just now been informed of this decision.

The increased offer price amounts to DKK 190 cash per Nordjyske Bank share at DKK 10 and values the entire issued share capital of Nordjyske Bank at DKK 3,489m. The increased offer price represents a premium of approx. 60% compared with the closing price of Nordjyske Bank shares on 12 March 2018, the day before Jyske Bank announced its decision to make the voluntary offer.

The increased offer price is in accordance with announcements from representatives of the Supervisory Board and shareholders of Nordjyske Bank made after the publication of Jyske Bank's decision to make an offer to acquire all outstanding shares of Nordjyske Bank. In addition, the increased offer price has been determined in consideration of the revaluation of the value of Nordjyske Bank's stake of BI Holding and the upgrade of expectations of 2018 which were announced by Nordjyske Bank on 21 March 2018.

The increase of the offer price raises Jyske Bank's expectation that the Supervisory Board of Nordjyske Bank will recommend its shareholders to accept Jyske Bank's offer.

As stated in the Corporate Announcement of 13 March 2018, Jyske Bank's offer will be published in an offer document not later than 10 April 2018 and is expected to be made conditional on for instance (i) termination of restrictions regarding ownership and voting rights in Nordjyske Bank's Articles of Association, (ii) acceptance by at least 2/3 of Nordjyske Bank's share capital and voting rights after the completion of the offer (including Jyske Bank's present ownership stake) and (iii) relevant approvals from the public authorities. The offer will not be conditional on due diligence or financing.

Jyske Bank has no further comments on the offer before the offer document has been published.

Yours faithfully,

Jyske Bank

This information is provided by RNS

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