Following the acquisition, Castellum holds 18,225,000 shares, corresponding to 10.0065 percent of the shares and votes in Entra.

“Our shareholding in Entra has so far been a good investment and we still see the company and Norway as interesting to invest in," says Henrik Saxborn, CEO of Castellum.

While Castellum increases their Entra share, the other bidder for the company throws in the towel.

SBB’s offer to the shareholders of Entra expected to lapse due to non-fulfilment of the minimum acceptance condition. SBB's offer is subject to a 90 percent minimum acceptance condition. SBB announces that the minimum acceptance condition will not be waived by SBB due to an overall consideration whereby SBB does not find it sufficiently attractive to issue consideration shares at the current trading price of the SBB class B share without realising the synergies that the 90 percent acceptance level assumed. As several large shareholders of Entra has stated that they not will accept the offer, it is expected that the conditions for the offer will not be fulfilled and that the offer will not be completed.

SBB's planned secondary listing of the company's ordinary shares of series B on the Oslo Stock Exchange is not affected by the decision to not waive the minimum acceptance condition, as it is in line with the company's Nordic profile to enable more shareholders to take part in the company's value creation.

"Based on the growth opportunities we see ahead in all the Nordic countries, it is not right to complete the Offer without a minimum acceptance level of 90 percent, especially since it would be a bad deal for our shareholders to issue new B shares at current valuation as consideration. With that said, we stand by our view that Entra's existing portfolio contains several properties that fit into SBB's portfolio. We work every day to deliver results and value for our shareholders,” says Ilija Batljan, CEO and founder of Samhällsbyggnadsbolaget i Norden AB.

Axel Ohlsson

axel@nordicpropertynews.com