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On Wednesday morning Länsförsäkringar Fund Management recorded a 10% increase in Stendörren's shares. The message from the fund manager was clear: the offer of EQT is too low and we will not sell.
Länsförsäkringar Fund Management was not a newcomer in Stendörren's list of owners but chose to buy 120,000 shares on Tuesday, the same day that EQT presented its cash offer of SEK 100.25. The fund company thus rose from 9.58% to 10.01% of Stendörren's shares, according to holding company Holdings.
With the purchase, which was carried out immediately above the level of the offer at the average price of SEK 101, Länsförsäkringar takes a "corner" to Stendörren. The fund company can thus block a forced redemption and write-off of the Stendörren, which is part of the EQT plan.
Peter Norhammar, managing director of Länsförsäkringar Property Fund, told the press agency that the offer on Stendörren was too low and that the fund company would not sell its shares. According to Peter Norhammar, the value of stan doors is already "well above auction level" and "will grow rapidly in the near future".
Länsförsäkringar's fund managers do not seem to be the only ones to share this point of view. The Norwegian ABG Sundal Collier commented on the call for bids in a mission statement, Stendörren thus paying for the company to be overseen by the company's analysis. According to analysts ABG, the level of supply represents a reduction of 12% compared to the long-term net worth of Stendörren, based on the analyst's forecasts for the company. year 2018. Compared to the long-term net asset value presented in the third quarter, it is 9%.
ABG compares itself to Catena and Sagax, which the analyst considers as the closest industry colleagues to Stendörörren, depending on the exposure of his property. Catena is trading at 19% premium and Sagax at 59% premium over the latest reported long-term net asset value recently, says the broker without taking a stand for the offer.
"We expect the strong growth of Stendörren's EPRA NAV (the value of net long-term assets) will continue, with an average annual growth rate of 10% for our forecast period", writes ABG Sundal Necklace in the analysis.
The EQT Real Estates bid, formally passed by Chicago Holding, is worth $ 100.25 in cash for each Stendörren A and B share. Compared to Monday's closing price, the bid bonus was 3.8%. On Wednesday, the stock was traded just above auction level, around 102 crowns.
Knut Pousette and Seth Lieberman, members of Stendörren's board of directors, also members of the EQT real estate investment committee, have already signed an agreement to sell their shares to Chicago Holding, which makes them Offs. The Stendörren Board of Directors has therefore set up a special bid committee to deal with the candidacy issues.
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