The problem with this statement and with mine is that both have inbuilt bias, you a Sampo bias, and I, a Topdanmark bias (even though I own Sampo as well).
My Sampo position is somewhat bigger than Top, so all in all quite pleased from a Sampo shareholder perspective. As this is quite a smart set up, especially with the launch of a buyback program which probably will enhance the value of Sampo share short term, and thus improving the underlying offer for Topdanmark shareholders (if one decides to sell that is).
However, from a Topdanmark perspective my aim is of course to maximize my return. Nothing abnormal about that. My logic is that the premium is somewhat low compared to other deals (e.g. Hastings and other UK deals that has transpired during the last months). The premiums have been above 30%.
In this case the premium is on a 3 month basis ‘only’ 24 percent.
“approximately 24 per cent to the Topdanmark 3-month volume-weighted average price on Nasdaq Copenhagen of DKK 291.76 compared to the Sampo 3-month volume-weighted average on Nasdaq Helsinki of EUR 38.93 prior to announcement of the Offer”
As a result, I will not accept this offer from my wives or my perspective. So it will be interesting to see what others do, if Sampo gets more than 90 percent approval, then I have no choice.
But all in all, happy that Sampo finally pulled the trigger as this will create long-term value for Sampos shareholders.