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Topdanmark not recommending Sampo's mandatory offer

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Topdanmark not recommending Sampo's mandatory offer

TopdanmarkA/S' board does not recommend its shareholders to accept 's to acquire the Danishinsurer at an offer price of 183 Danish kroner per share, saying the offerprice is not attractive from a financial point of view.

Topdanmark noted that Sampo's offer price does not includeany premium as is usually offered in public tender offers for shares in a listedcompany. The company's financial adviser, J.P. Morgan Ltd., also recommendedthat shareholders reject Sampo's offer.

Separately, Topdanmark maintained its posttax profitforecast for 2016 at between 1 billion kroner and 1.1 billion kroner. The companyassumes that the negative trend in nonlife insurance premiums will persist forthe rest of 2016.

The company expects 2017 to be characterized by decliningaverage premium for motor insurance, as in recent years. Topdanmark expectsweather-related claims to amount to about 170 million kroner in 2017 and acombined ratio between 90% and 91%, excluding runoff.

As of Oct. 6, US$1 wasequivalent to 6.66 Danish kroner.