Olav Thon Eiendomsselskap board backs Thon Gruppen's cash offer

The independent board of Olav Thon Eiendomsselskap ASA, comprised of Line Norbye, Stig O. Jacobsen, and Elisabeth Holvik, has recommended shareholders accept Thon Gruppen AS's voluntary cash tender offer of NOK 335 per share. The recommendation follows an assessment of the offer document and a fairness opinion from SB1 Markets AS, which concluded the offer is fair from a financial perspective.

SB1 Markets AS, acting as an independent financial advisor to the board, issued its fairness opinion. The opinion highlights the offer price represents a 25.6% premium over the volume-weighted average trading price during the 30 days prior to the announcement and a 7% premium relative to its all-time high share price. The independent board noted that the offer price also falls within the range of average takeover premiums observed in the Norwegian market in 2025.

Thon Gruppen, already owning 75.4% of Olav Thon Eiendomsselskap, aims to increase its ownership to deploy capital and potentially restructure its real estate holdings. The offer gives minority shareholders an opportunity to exit, particularly given the limited free float and liquidity. However, the board also acknowledges the potential for higher long-term value not reflected in the offer price.