This was claimed by Entra, Norway's largest listed company, this morning.

Shareholders are advised to refrain from taking any action in respect of their shares in the Company which may be prejudicial to their interests, and to exercise caution when dealing in the shares of the company.

There can be no certainty that any offer will be made or completed.

Later at Tuesday, SBB announced the intention to launch a voluntary tender offer to acquire Entra ASA to create the leading European social infrastructure player. Under the terms of the Offer, Entra shareholders will be offered NOK 165 per Entra share, delivered as a combination of NOK 115.5 in cash (the “Cash Consideration”) and NOK 49.5 in new SBB Class B Shares, representing a premium of 26.3% compared to Entra’s three months volume-weighted average share price on 23 November 2020, and a premium of 14.8% compared to Entra’s closing share price on 23 November 2020.

The terms of the offer imply a total equity value for Entra of NOK 30,052 million. In aggregate, up to a total of NOK 21.0 billion will be paid as Cash Consideration and the issuance of a number of SBB Class B Shares representing up to a total of NOK 9.0 billion will be settled as Share Consideration. The SBB Class B Shares are traded on Nasdaq Stockholm, Large Cap.

Commenting on the transaction, CEO of SBB, Ilija Batljan, said:

“We would like Entra to become part of SBB and join us in our ambition to create the leading social infrastructure company in Europe, a company with a unique, attractive and stable property portfolio with long leases, high occupancy rates and a diversified and high-quality tenant base across the Nordics. We see opportunities to unlock significant synergy potential particularly from refinancing benefits accelerating financial cost and operational savings, which will benefit all shareholders and other stakeholders,” and he continues:

“Our philosophy is that tenants should not have to tie up capital in the form of buildings. They should instead be able to prioritise investing in people, services and solutions to the benefit of society. Our role is to attract the capital on competitive terms from domestic and international investors.”

Later on the afternoon, the offer was declined by the board of Entra.

"The Board has, with the assistance of its advisors, considered the Potential Offer, including the financial terms presented therein. While the Board appreciates the interest in Entra, the Board has concluded, and already conveyed to SBB prior to the announcement, that the Potential Offer will not be recommended by the Board,"  Entra writes in a comment.