Spar Nord Bank A/S (CPSE:SPNO) made an offer to acquire remaining 69.11% stake in Danske Andelskassers Bank A/S (CPSE:DAB) for approximately DKK 780 million on March 1, 2019. Under the terms of the transaction, shareholders of Danske Andelskassers Bank are offered consideration in the form of one share in Spar Nord and a cash consideration of DKK 13.35 for nine shares in Danske Andelskassers Bank, which corresponds to DKK 7.75 per share in Danske Andelskassers Bank. As of March 20, 2019, Spar Nord raised its offer price from DKK 7.75 to DKK 9 per share of Danske Andelskassers Bank. The offer will be financed by issuing new shares in Spar Nord and by using existing financial resources. The transaction is subject to customary closing conditions, including Spar Nord's due diligence and an independent financial advisor carrying out credit due diligence procedures in respect of Danske Andelskassers Bank and based on the conclusions of due diligence procedures, finding that any additional impairment losses relating to Danske Andelskassers Bank customer exposures will not exceed DKK 250 million, approvals from Danish Financial Supervisory Authority and the Danish Competition and Consumer Authority. As on March 25, 2019, the board of Danske Andelskassers Bank A/S rejected the offer. The offer period is expected to commence as soon as possible and not later than four weeks from this announcement and to expire four weeks after publication of the offer document. Carnegie Investment Bank acted as financial advisor and Accura Advokatpartnerselskab acted as legal advisor to Spar Nord. Danske Bank Corporate Finance acted as the financial advisor for Danske Andelskassers Bank A/S. Henning Aasmul-Olsen of Moalem Weitemeyer Bendtsen acted as legal advisor for Board of Danske Andelskassers Bank A/S.

Spar Nord Bank A/S (CPSE:SPNO) cancelled the acquisition of remaining 69.11% stake in Danske Andelskassers Bank A/S (CPSE:DAB) on March 26, 2019. Spar Nord has received dispensation from the obligation to published a tender offer to the shareholders in Danske Andelskassers Bank A/S from the Danish Financial Supervisory Authority.