Wilhelmsen nears Treasure ownership, strengthens market position

Wilh. Wilhelmsen Holding ASA has increased its ownership in Treasure ASA to approximately 98.54% following additional acceptances under its cash offer of NOK 39.50 per share. As of December 1, 2025, at 16:30 CET, the company received acceptances for an additional 355,968 shares, bringing its total holding to 201,726,076 shares. The offer is set to remain open until Thursday, December 4, at 16:30 CET.

Among the primary insiders in Treasure ASA, or their closely associated entities, who accepted the offer is Marianne Hagen. Board member Christian Berg and board chair Thomas Wilhelmsen, through Wilh. Wilhelmsen Holding ASA, also participated. Christian Berg executed a purchase of 1,921,063 shares at NOK 39.50 each, totaling NOK 75,881,988.50, while Marianne Hagen sold 2,000 shares at the same price, totaling NOK 79,000.00.

The transactions were executed outside a trading venue on December 1, 2025. This move by Wilh. Wilhelmsen Holding ASA signals a near-complete consolidation of ownership, potentially leading to a delisting of Treasure ASA.