Telenor ASA — M&A Activity 2019

Aug 28, 2019

Telenor launches mandatory tender offer for remaining shares in DNA

Telenor launches mandatory tender offer for remaining shares in DNA

Telenor will tomorrow, 29 August, launch a mandatory tender offer (MTO) for all the outstanding shares in DNA. An offer document approved by the Finnish FSA will be made available to all the shareholders and a separate acceptance letter sent by regular mail.

The offer period under the MTO is four weeks, meaning that the offer will lapse on 26 September 2019. All details needed to accept the offer is included in the offer document and acceptance letter. The offer document will be made available here: https://www.telenor.com/telenor-offer-for-dna

The price offered in the MTO is EUR 20.90 per share, the same price as in the agreements with PHP and Finda, whereby Telenor acquired 54 % of DNA.

Telenor deems the offered price as full and fair. The premium compared to the 1 day and 3 month WVAP in DNA prior to the agreements with PHP and Finda is 7% and 21 % respectively, adjusted for the EUR 1.10 FY 2018 dividend paid to the shareholders on 29 March 2019.

Telenor has engaged SEB as its financial advisor for the MTO.