INCENT was mandated by a minority shareholder of a Norwegian online bank to provide its opinion on the value of the latter's shares in the context of a mandatory delisting following a takeover bid. The dispute between the minority shareholder and the initiator of the takeover bid concerns the exercise price of the mandatory delisting. The minority shareholders contested the proposed price, which they considered insufficient, in particular due to the failure to take into account certain market data and the underestimation of potential synergies.
Our team developed a DDM valuation model, specifically adapted to the banking sector. This model integrates changes in key interest rates, macroeconomic parameters and the bank's long-term growth prospects. Our approach demonstrated that the price offered at the time of the mandatory squeeze-out did not fully reflect the potential synergies and market dynamics, thus justifying the challenge by minority shareholders.
As part of the procedure, our team defended its expert report before the competent Norwegian courts. This mission was led by Guy Jacquot and Maxime Rannou, assisted by Nicola Falappa and Arthur Heinbach.
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