Nordic Business Report-April 12, 2006-UPDATE:Tryggingamidstodin hf announces bid for NEMI Forsikring ASA
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(Adds reaction from NEMI in paragraphs 4 & 5.)
The Icelandic insurance company Tryggingamidstodin hf (TM) announced on Wednesday (12 April) a bid for Norwegian marine insurer NEMI Forsikring ASA.
TM is offering NOK62.50 per share, which represents a premium of 25% compared to the average closing market price for the last 20 trading days, and values NEMI Forsikring at approximately NOK886.8m.
Shareholders representing approximately 68% of the outstanding share capital of NEMI Forsikring have undertaken to accept the offer.
TM said in its announcement that the offer is recommended by NEMI Forsikring's board of directors, but in a later statement NEMI Forsikring said that its board has not yet submitted an opinion on the offer.
"Until the board has submitted their opinion on the offer, the board will recommend the shareholders not to decide whether they will accept or not," NEMI Forsikring said.
One Norwegian krone (NOK) is worth approximately 0.08 British pounds (GBP).
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