Norva24 (Hold, TP: SEK36.50) - SEK36.50/share cash offer
Apax Funds (through Nordahl BidCo AB) announced a recommended cash offer of SEK36.50/share for all outstanding shares in Norva24. As the principal shareholders (representing c57% of the outstanding shares) have undertaken to accept the offer and as we see a low likelihood of a competing bid, we have downgraded to HOLD (BUY) and reduced our target price to SEK36.50 (37). We find the offer in line with our view of the company as a premium asset.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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