Finnish firm bids to take over Topdanmark

Sampo, a Finnish company, has proposed to buy shares of Topdanmark, offering a 27% premium with 1.25 Sampo shares per Topdanmark share. Sampo already owns 49.5% of the Danish insurer. They plan to delist Topdanmark and merge it into If to form a stronger Nordic insurance group with a 21% market share in Denmark. Topdanmark’s board recommends shareholders accept this financially attractive offer. Finalization of the deal, scheduled for September, depends on approvals from Sampo’s shareholders, regulatory authorities, and owning over 90% of Topdanmark shares. Post-acquisition, Sampo will be listed on the Copenhagen Nasdaq. Topdanmark, with roots dating back to 1898 and around 2000 employees, sold its life insurance and pension business to Nordea in 2022.