DGAP-UK-Regulatory: Decision as to purchase offer for shares in DiBa Bank A/S

DGAP-UK-Regulatory: Decision as to purchase offer for shares in DiBa Bank A/S

Sydbank A/S  / Miscellaneous

11.11.2013 08:55

Dissemination of a UK Regulatory Announcement, transmitted by
DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Aabenraa, Denmark, 2013-11-11 08:55 CET (GLOBE NEWSWIRE) --
Sydbank and the board of directors of DiBa Bank A/S have agreed that Sydbank
will submit a public purchase offer as recommended by the board of directors of
DiBa Bank A/S for all shares in DiBa Bank A/S. 

Sydbank will submit a purchase offer of DKK 145 per share of DKK 20 nominal in
DiBa Bank A/S and will publish as soon as possible and within 4 weeks an offer
document. Payment will be effected in cash (two thirds) and in Sydbank shares
(one third). Until the offer document is released Sydbank may change the entire
payment into cash. 

The offer is conditional also on the following:

  1.      -- acceptance of the purchase offer by at least 90% of the share
capital in 
        DiBa Bank A/S
     -- cancellation of the voting ceiling in the articles of association of
        DiBa Bank A/S
     -- the necessary regulatory approvals as regards competition law
     -- no new shares in DiBa Bank A/S are issued
     -- no dividend distribution in DiBa Bank A/S
     -- no significant negative changes in DiBa Bank A/S

With an acquisition of DiBa Bank, Sydbank aims to strengthen its market
position in Zealand and Sydbank assesses that synergies between DiBa Bank and
Sydbank's existing activities in Zealand can be achieved. According to
Sydbank's methods of determination the cash purchase price of DKK 478.5m for
all shares in DiBa Bank A/S exceeds the fair value of the acquired assets,
liabilities and contingent liabilities, resulting in a difference between the
purchase price and the fair value of around 50% of the purchase price which
will be recognised as goodwill and value of customer relations. 

An acquisition of DiBa Bank will have a limited effect on Sydbank's solvency
following full integration of DiBa Bank.

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associated documents


News Source: NASDAQ OMX

11.11.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language:           English
Company:            Sydbank A/S
ISIN:               DK0010311471
Category Code:      MSC
LSE Ticker:         0G6U
Sequence Number:    1753
Time of Receipt:    Nov 11, 2013 08:55:01
End of Announcement                             DGAP News-Service
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