DNB NOR PRESENTS BID FOR SALUSANSVAR
DnB NOR has presented an offer to acquire all shares in SalusAnsvar. SalusAnsvar distributes financial products to members of Swedish professional organisations. The company has 200 employees and around 540 000 customers and is listed on the Stockholm stock exchange. Complete statement on www.newsweb.no DnB NOR has presented an offer to acquire all shares in SalusAnsvar. SalusAnsvar distributes financial products to members of Swedish professional organisations. The company has 200 employees and around 540 000 customers and is listed on the Stockholm stock exchange. · DnB NOR offers SEK 35 per share of both series A and series B in SalusAnsvar, which represents a bid premium of around 57 per cent. · The total value of the offer is approximately SEK 749 million. · SalusAnsvar`s Board of Directors recommends the company`s shareholders to accept the offer. · Three of the largest owners, the Swedish Medical Association, Roppongi, a mutual non-life insurance company in liquidation, and Praktikerinvest AB, have undertaken to accept DnB NOR`s offer subject to certain conditions. E. Öhman J:or AB is positive to the offer. SalusAnsvar is an independent distributor of life and pension insurance, non-life insurance and bank products to members of professional organisations and trade unions. The company also offers financial advisory services as well as job and career agency services. `Sweden is an important market for us where we wish to expand and strengthen our presence. The acquisition of SalusAnsvar will give DnB NOR access to a well-established distribution network and a large customer base in Sweden for the sale of products and solutions to retail customers based on their membership in professional organisations,` says group executive vice president Åsmund Skår in DnB NOR. SalusAnsvar cooperates with a total of 64 organisations with just over 1.9 million members. The company has around 540 000 customers and approximately 200 employees and is listed on the OMX Nordic Exchange (Small Cap). Revenues totalled just over SEK 200 million in 2006, with pre-tax profits of SEK 58 million. `SalusAnsvar`s position in the Swedish professional organisation market may be strengthened through DnB NOR`s involvement. SalusAnsvar may also represent an incentive for DnB NOR`s Norwegian operations,` says Peter H Carlsson, managing director in DnB NOR Bank Sweden. DnB NOR`s offer of SEK 35 per share of both series A and series B represents a bid premium of around 57 per cent relative to the closing price of SalusAnsvar`s B shares on 17 August 2007, and a premium of around 48 per cent based on the average closing price for SalusAnsvar`s B shares over the last 30 trading days. The A-shares are not listed. SalusAnsvar`s Board of Directors recommends the company`s shareholders to accept the bid. Three of the largest owners, the Swedish Medical Association, Roppongi, a mutual non-life insurance company in liquidation, and Praktikerinvest AB, holding a total of 27.2 per cent of the shares and representing 51.0 per cent of the votes in SalusAnsvar, have undertaken to accept DnB NOR`s bid subject to certain conditions. E. Öhman J:or, with 11.0 per cent of the capital and 29.3 per cent of the votes, is positive towards the offer. The bid is conditional on, among other things, DnB NOR acquiring more than 90 per cent of the shares. The period of acceptance is expected to be from 17 September 2007 to 12 October 2007, both dates inclusive. DnB NOR is one of the leading participants in the Nordic financial market. The bid for SalusAnsvar is part of DnB NOR`s strategy for development and growth in the Swedish retail market. Earlier this year, DnB NOR purchased the Swedish real estate brokerage chain Svensk Fastighetsförmedling and SEB`s vendor-based car financing operations. The complete terms and conditions for the offer can be found on the following pages, which represent an integral part of this press release, and in the prospectus which will be sent to SalusAnsvar`s shareholders. DnB NOR website: www.dnbnor.com SalusAnsvar website: www.salusansvar.se This press release has not been and must not, directly or indirectly, be distributed or made public in the USA, Australia, Canada, Japan or South Africa. The Offer is not being made to persons in those jurisdictions or elsewhere where their participation requires further offer documents, filings or other measures in addition to those required by Swedish law.