Norwegian Public Takeover Deal Study
2025 Edition: for the year 2024
Editorial team
2024 at a glance
We are pleased to present BAHR's annual Norwegian Public Takeover Deal Study a comprehensive analysis of Norway's public takeover landscape in 2024. Our study examines the latest trends, developments, and defining characteristics of Norwegian public takeovers over the past year. Voluntary cash offers with target board recommendation is the dominant transaction structure.
Market Sectors and Deal Characteristics
Energy, Industrials, and IT continue to drive public M&A activity in Norway, accounting for 75% of all deals in 2024 consistent with previous years. The market is increasingly characterized by fewer but larger transactions. In 2024, 75% of Main Market deals had valuations between EUR 250 million and EUR 1 billion, compared to less than 40% in this range over the previous decade.
Financial Buyer Dominance
Norway's regulatory framework and market practices are wellsuited to financial buyers, offering key advantages including international style transaction agreement, comprehensive due diligence, pre-announcement
acceptances, M&A insurance, and rollover opportunities for selected shareholders such as management and founders. Consequently, financial investors including Nordic and international private equity players were buyers in 75% of Norwegian takeovers in 2024, a significant shift from the more balanced split between private equity and industrial buyers seen over the past decade. Geographically, approximately 50% of these funds were European-based (excluding Nordics), 25% Nordic-based, and 25% US-based.
Rollover Transactions Continue to Rise
The upward trend in rollover transactions persisted in 2024. One-third of Main Market deals included rollover elements, while 60% of Growth market transactions featured such structures.
Rollover arrangements include:
1. Universal rollover offers extended to all shareholders, providing options for share consideration, cash, or a combination
2. Selective rollover offers designed for specific shareholders only, with others receiving exclusively cash compensation
3. Partial rollover offers allowing all shareholders to participate in rollovers for a portion of their holdings, with remaining shares compensated in cash
Market Practices and Trends "Hard" pre-acceptances increased in 2024, representing two-thirds of all Main Market pre-acceptances (versus "soft" acceptances that allow shareholders to accept higher competing offers) and 40% in the Growth market Material Adverse Change (MAC) clauses and break fees remain standard market practice, though break fees are typically limited to estimated cost coverage.
Euronext Growth Oslo
Following record-high listing levels in 2020-2021, takeover activity in the Euronext Growth Oslo market gained momentum from 2022 onwards.
The absence of Norwegian takeover regulations and extensive disclosure requirements on this multilateral trading facility has enabled more agile and opportunistic approaches to stakebuilding and deal structuring. While early transactions followed conventional takeover principles from regulated markets, we continue to see innovative pricing and transaction models emerging, primarily due to the absence of minimum price and equal treatment requirements
BAHR's Award -Winning Expertise
BAHR continues to lead in advising on Norway's most significant public takeover and other combination transactions, including recent landmark deals such as Adevinta, Kahoot!, Entra and Golden Ocean. Our extensive involvement in these transactions has provided deep insights into market dynamics and trends developed over decades in the public takeover sector. We appreciate the market's continued confidence in our legal advisory services, recognition that has earned us IFLR's Team of the Year 2025 for M&A, as well as Deal of the Year awards for both 2024 and 2025.
About This Study
Our annual Norwegian Public Takeover Deal Study examines the latest developments in key terms and transaction metrics for public takeovers on the Oslo Stock Exchange, analyzing data from 2015-2024 Like previous editions, we include both standalone and consolidated historical figures to provide comparative context and share insights gained over this period. This year's edition features a new standalone analysis of public takeover transactions on the Euronext Growth Oslo market.
Enjoy the read!
Oslo Børs and Euronext Expand
Targets and Bidders
The Targets
Industry classification of the targets’ business
2015 - 2024
Transactions reviewed: 65 (2015 – 2024)
Transactions reviewed: 4 (2024)
Equal across all the sectors in 2024
The Targets
Market value
Over 1 EUR billion
MEUR 250 > 1 EUR billion
MEUR 100 > MEUR 250
Below MEUR 100
Transactions reviewed: 65 (2015 – 2024)
Transactions reviewed: 4 (2024)
The Bidders
Financial sponsors are the dominant buyers in 2024.
Bidder home jurisdiction
Norway
Europe ex. Nordic
Other
Nordic ex. Norway US
Transactions reviewed: 65 (2015 – 2024)
Transactions reviewed: 4 (2024)
Transaction Structure and Results
Transaction Structure and Result
Transactions reviewed: 66 (2015 – 2024)
Transactions reviewed: 4 (2024)
Transaction Structure and Result
Consideration offered (voluntary offers only)
Take-over bid with cash
Take-over bid with all shares
Take-over bid with cash and shares
Transactions reviewed: 56 (2015 – 2024)
Transactions reviewed: 3 (2024)
If combination of cash and shares offered, how much of the total consideration did the share consideration constitute?
Less than 20%
20% - 49%
51% - 79%
80% or more
Transactions reviewed: 4 (2022 – 2023) New in the 2022 edition
Transaction Structure and Result
Did the mandatory offer have a share consideration option?
Transactions reviewed: 10 (2022 – 2024) New in the 2022 edition
Transaction Structure and Result
Voluntary offers – result
Voluntary offer followed by a mandatory offer followed by squeeze-out
Voluntary offer followed by squeeze-out
Threshold for squeeze-out not obtained
Transactions reviewed: 33 (2015 – 2024)
Transactions reviewed: 3 (2024)
Transaction Structure and Result
Mandatory offers – result
90% and above
2/3 - <90%
50% - <2/3
Below 50%
Transactions reviewed: 33 (2015 – 2024)
Transactions reviewed: 1 (2024)
Transactions reviewed: 33 (2015 – 2024)
Transactions reviewed: 1 (2024)
Initiation of Transaction Process
Initiation of Transaction Process
Did the target publicly disclose that it undertook a review of strategic alternatives before contact with the bidder was established? (voluntary offers only)
Arendals Fossekompani ASA (AFK) conducted a strategic review of its ownership in Volue ASA over an extended period without public announcement. This resulted in an exclusive and binding agreement to sell its 60% stake to an investor group led by Advent International and Generation Investment Management, with an offer of NOK 42 per share.
Did the bidder and the target enter into a formal transaction agreement? (voluntary offers only)
Transactions reviewed: 36 (2015 – 2024)
Transactions reviewed: 3 (2024)
Initiation of Transaction Process
Target board of directors’ statement on the offer?
Transactions reviewed: 66 (2015 – 2024)
Transactions reviewed: 4 (2024)
Initiation of Transaction Process
How many fairness opinions were obtained by the target?
1 Opinion
2 Opinions
Transactions reviewed: 66 (2015 – 2024)
Transactions reviewed: 4 (2024)
We see that the trend with "hard" irrevocables continues in 2024, in 2/3 of the deals on Oslo Børs
Initiation of Transaction Process
Bidder’s ownership in the target at the launch of the offer
Transactions reviewed: 64 (2015 – 2024)
Transactions reviewed: 4 (2024)
Initiation of Transaction Process
What percentage of target securities were pre-accepted? (voluntary offers only)
Transactions reviewed: 36 (2015 – 2024)
Transactions reviewed: 3 (2024)
In 2024 we saw more than 50% pre-acceptance in all the deals on the Main Market.
Initiation of Transaction Process
If pre-acceptances were obtained, was it hard (no right to withdraw) or soft (right to tender in higher offer)?
Soft
Soft but with matching right for first bidder
Hard
Several types
Transactions reviewed: 31 (2015 – 2024)
Transactions reviewed: 3 (2024)
We see that the trend with "hard" irrevocables continues in 2024, in 2/3 of the deals on Oslo Børs
Initiation of Transaction Process
Was the transaction structured with rollover of Target securities? (voluntary offers only)
Transactions reviewed: 3 (2024)
Initiation of Transaction Process
What percentage of Target securities were subject to rollover? (voluntary offers only)
See the foreword for further information about rollover for existing shareholders.
Did members of the executive management and/or board of directors participate in the rollover? (voluntary offers only)
Transactions reviewed: 5 (2023)
Transactions reviewed: 3 (2024) New for 2023
Independent Statements on the Offer
Did Oslo Stock Exchange require that an independent third party delivered the statement on the offer pursuant to section 6-16 (4) of the Securities Trading Act?
Transactions reviewed: 63 (2015 – 2024)
Transactions reviewed: 4 (2024)
Key Terms of Transaction Agreements
Where transaction agreements have been entered into
Key Terms of Transaction Agreement
Non-solicitation obligation for the target with respect to soliciting other potential buyers?
Not disclosed
Transactions reviewed: 27 (2015 – 2024)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
Key Terms of Transaction Agreement
Was the target board able to withdraw its recommendation of the offer?
Yes Not Disclosed
Transactions reviewed: 27 (2015 – 2024)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
The most common condition is that the board of directors can withdraw its recommendation in the event of an unsolicited bona fide superior offer which is not matched by the bidder.
Key Terms of Transaction Agreement
Was the transaction subject to a break fee payable by the target?
Not disclosed
Transactions reviewed: 27 (2015 – 2024)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
Break-fees have become market practice in Norway, although the amounts are relatively low and most often limited to cost coverage.
Key Terms of Transaction Agreement
What percentage of the market value was the break fee/cost cover fee?
Where break fees are set to the amount of incurred transaction fees it is often capped at a certain level.
How much was the break fee/cost cover fee?
Amount equal to incurred transaction costs
Above MEUR 20
MEUR 5 - MEUR 10
Below MEUR 5
Transactions reviewed: 16 (2015 - 2024)
Transactions reviewed: 1 (2024)
Voluntary offers with transaction agreements only
Conditions for Completion
Voluntary offers only
Conditions for Completion
Minimum tender threshold
Transactions reviewed: 35 (2015-2024)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
Completion of due diligence
Transactions reviewed: 36 (2015-2024)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
Conditions for Completion
Recommendation from the target board
Satisfaction/assurances of regulatory approvals
Transactions reviewed: 35 (2015-2024)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
Conditions for Completion
Availability of financing
Transactions reviewed: 36 (2015-2025)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
Third party approvals
Transactions reviewed: 35 (2015-2024)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
Conditions for Completion
Ordinary course of business
Transactions reviewed: 36 (2015-2025)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
No legal action
Transactions reviewed: 35 (2015-2024)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
Conditions for Completion
Transactions reviewed: 27 (2015 – 2024)
Transactions reviewed: 2 (2024)
Voluntary offers with transaction agreements only
MAC meaning in this context: completion of the offer by the bidder being subject to no material adverse change in, or material adverse effect on, the target company having occurred between the period of launch and completion of the offer
Conditions for Completion
No frustration of the offer
Transactions reviewed: 11 (2022 – 2024)
Transactions reviewed: 2 (2024)
New in the 2022 edition
Voluntary offers with transaction agreements only
Hell or high water
Transactions reviewed: 10 (2022 – 2024)
Transactions reviewed: 2 (2024)
New in the 2022 edition
Voluntary offers with transaction agreements only
Transaction Timing
Transaction Timing
What was the number of days between the date of the announcement of the intention to make the offer and the closing date?
Transactions reviewed: 64 (2015 - 2024)
Transactions reviewed: 4 (2024)
Euronext Growth Oslo
Targets and Bidders
The Targets – Euronext Growth Oslo
Industry classification of the targets’ business
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Also in this market, Energy and IT are the sectors that are driving public M&A.
The Targets – Euronext Growth Oslo
Market value
Over 1 EUR billion
MEUR 250 > 1 EUR billion
MEUR 100 > MEUR 250
Below MEUR 100
Transactions reviewed: 16 (2022 – 2024)
Transactions reviewed: 5 (2024)
The Bidders – Euronext Growth Oslo
Bidder type
Industrial
Financial
Transactions reviewed: 16 (2022 – 2024)
Transactions reviewed: 5 (2024)
In 2024, private equity sponsors have been the key buyers in this market.
The Bidders – Euronext Growth Oslo
Bidder home jurisdiction
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Transaction Structure and Results
Transaction Structure and Result – Euronext Growth Oslo
Consideration offered
Take-over bid with cash
Take-over bid with all shares
Take-over bid with cash and shares
Transactions reviewed: 16 (2022 – 2024)
Transactions reviewed: 5 (2024)
Transaction Structure and Result – Euronext Growth Oslo
Acceptance obtained
Transactions reviewed: 16 (2022 – 2024)
Transactions reviewed: 5 (2024)
Transaction Structure and Result – Euronext Growth Oslo
If combination of cash and shares offered, how much of the total consideration did the share consideration constitute?
Transactions reviewed: 5 (2022 - 2024)
Transactions reviewed: 1 (2024)
Initiation of Transaction Process
Initiation of Transaction Process – Euronext Growth Oslo
Did the Bidder and the target enter into a formal transaction agreement?
Yes No
Transactions reviewed: 16 (2022 – 2024)
Transactions reviewed: 5 (2024)
In 2024, we saw that transaction agreement was used in more transactions in the Growth market than on Oslo Børs
Initiation of Transaction Process – Euronext Growth Oslo
How many fairness opinions were obtained by the target?
1 Opinion
2 Opinions
Transactions reviewed: 16 (2022 – 2024)
Transactions reviewed: 5 (2024)
Initiation of Transaction Process – Euronext Growth Oslo
Did the target board give a statement or recommendation of the offer?
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Initiation of Transaction Process – Euronext Growth Oslo
Bidder’s ownership in the target at the launch of the offer
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Initiation of Transaction Process – Euronext Growth Oslo
What percentage of target securities were pre-accepted?
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Initiation of Transaction Process – Euronext Growth Oslo
If pre-acceptances were obtained, was it hard (no right to withdraw) or soft (right to tender in higher offer)?
Soft, but with matching right for first bidder
Soft
Several types
Not disclosed
Transactions reviewed: 15 (2022 - 2024)
Transactions reviewed: 5 (2024)
Initiation of Transaction Process – Euronext Growth Oslo
Was the transaction structured with rollover of Target securities?
Transactions reviewed: 5 (2024)
Initiation of Transaction Process – Euronext Growth Oslo
What percentage of Target securities were subject to rollover?
Transactions reviewed: 12 (2022 - 2024)
Transactions reviewed: 5 (2024)
See the foreword for further information about rollover for existing shareholders
Initiation of Transaction Process – Euronext Growth Oslo
Did members of the executive management and/or board of directors participate in the rollover?
Transactions reviewed: 7 (2022 - 2024)
Transactions reviewed: 3 (2024)
Initiation of Transaction Process – Euronext Growth Oslo
Did target publicly disclose that it undertook strategic alternatives before contact with Bidder was established?
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Key Terms of Transaction Agreement
Where transaction agreements have been entered into
Key Terms of Transaction Agreement – Euronext Growth Oslo
Non-solicitation obligation for the target with respect to soliciting other potential buyers?
Was the target board able to withdraw its recommendation of the offer?
Transactions reviewed: 12 (2022-2024)
Transactions reviewed: 4 (2024)
Key Terms of Transaction Agreement – Euronext Growth Oslo
Was the transaction subject to a break fee payable by the target?
Transactions reviewed: 15 (2022-2024)
Transactions reviewed: 4 (2024)
Key Terms of Transaction Agreement –
How much was the break fee/cost cover fee?
Amount equal to incurred transaction costs
Below MEUR 5
Transactions reviewed: 7 (2022-2024)
Transactions reviewed: 2 (2024)
Key Terms of Transaction Agreement – Euronext Growth Oslo
What percentage of the market value was the break fee/cost cover fee?
Transactions reviewed: 7 (2022 - 2024)
Transactions reviewed: 2 (2024)
Conditions for Completion
Conditions for Completion – Euronext Growth Oslo
Minimum tender threshold
90% and above
50% - 80%
Not a condition
Transactions reviewed: 16 (2022 – 2024) Transactions reviewed: 5 (2024)
Completion of due diligence
Transactions reviewed: 15 (2022-2024) Transactions reviewed: 4 (2024)
Conditions for Completion – Euronext Growth Oslo
Recommendation from the target board
Satisfaction/assurances of regulatory approvals
Transactions reviewed: 16 (2022-2024)
Transactions reviewed: 5 (2024)
Conditions for Completion – Euronext Growth
Oslo
Availability of financing
Third party approvals
Transactions reviewed: 16 (2022-2024)
Transactions reviewed: 5 (2024)
Conditions for Completion – Euronext Growth
Ordinary course of business
Transactions reviewed: 16 (2022-2024)
Transactions reviewed: 5 (2024)
Conditions for Completion – Euronext Growth
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Conditions for Completion – Euronext Growth
No frustration of the offer
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Conditions for Completion – Euronext Growth
Hell or high water
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Transaction Timing
Transaction Timing – Euronext Growth Oslo
What was the number of days between the date of the announcement of the intention to make the offer and the closing date?
2022 - 2024
1 year
Transactions reviewed: 16 (2022 - 2024)
Transactions reviewed: 5 (2024)
Transactions
and Important Information
Transactions reviewed
2024
Oslo Børs and Euronext
Target
Belships ASA
Northern Ocean Ltd
Volue ASA
Gram Car Carriers ASA
ECIT AS
ININ Group AS
Kyoto Group AS
Expand
Bidder
Blue Northern BLK Ltd
Hemen Holding Limited
Edison Bidco AS
SAS Shipping Agencies Services Sàrl
Euronext Growth Oslo
Olympus BidCo AS
Qben Infra AB
GF I Kiln HoldCo AS
Beerenberg AS Altrad Investment Authority S.A.S
Everfuel A/S
Oslo Børs and Euronext
Target
Q-Free ASA
Northern Drilling Ltd
Frøy ASA
BW Energy Limited
GC RIEBER SHIPPING ASA
Self Storage Group ASA
MELTWATER N.V.
Kahoot! ASA
Adevinta ASA
Seaway 7 ASA
BW IDEOL AS
BW Epic Kosan Ltd.
Nortel AS
Faro BidCo ApS
Expand
Bidder
Juniper Holdco AS
Hemen Holding Limited
Falcon Bidco. AS
BW Group Limited
GC RIEBER AS
T-C Storage Holdco AB
MW Investment B.V.
Kangaroo BidCo AS
Aurelia Bidco Norway AS
Euronext Growth Oslo
Subsea 7 S.A.
BW Sirocco Holdings AS
Web Holding Limited
Unifon Holding AS
MINTRA HOLDING AS MINERVA TOPCO AS
Lumi Gruppen AS
Quantafuel ASA
Lola Bidco AS
Harald Norway Bidco AS
Transactions reviewed
2022
Oslo Børs and Euronext
Target
Mercell Holding ASA
Magseis Fairfield ASA
Q-Free ASA
5 th Planet Games A/S
Northern Drilling Ltd
NTS ASA
Expand
Bidder
Spring Bidco (Norway) AS
TGS ASA
Rieber & Søn AS
Skybound Game Studios, Inc.
Hemen Holding Limited
SalMar ASA
Euronext Growth Oslo
House of Control Group AS
Visma Norge Holding AS
EcoOnline Holding AS Erling Bidco AS
Ørn Software Holding AS
Play Magnus AS
2021
Oslo Børs and Euronext
Target
KMC Properties ASA (Originally named Storm
Real Estate ASA)
Q-Free ASA
Axactor SE
EG Norge AS
Chess Growthco LLC
Expand
Bidder
EBE Eiendom AS and Kverva Industrier AS
Rieber & Søn AS
Geveran Trading Co. Limited
Infront ASA Dash Bidco AS
NattoPharma ASA (Expand)
Bank Norwegian ASA
Avance Gas Holding Limited
Sbanken ASA
Norway Royal Salmon ASA
Ocean Yield ASA
Solon Eiendom ASA
Entra ASA
Compagnie des Levures Lesaffre
Nordax Bank AB (publ)
Hemen Holding Limited
DNB Bank ASA
NTS ASA
Octopus Bidco AS
Samhällsbygnadsbolaget i Norden AB
Fastighets AB Balder (publ)
Transactions reviewed
2020
Target
Bidder
Torghatten ASA EQT Partners AB
Entra ASA Castellum AB
Entra ASA Samhallsbyggnadsbolaget i Norden AB
Funcom N.V. Tencent Holding Ltd.
Data Respons ASA AKKA Techonologies SA
2019
Target
Bidder
Scottish Salmon Company P/F Bakkafrost
Belships ASA Kontrari AS and Kontrazi AS
Cxense ASA Piano Software B.V
NextGentel Holding ASA Telecom Holding 3
Oslo Børs VPS Holding ASA Nasdaq AB
Oslo Børs VPS Holding ASA Euronext
2018
Target
Bidder
Saferoad ASA SRH Investco AS
Ekornes ASA QuMei Home Furnishings Group Co. Ltd
Link Mobility Group ASA Victory Partners VIII Norway AS
Unified Messaging System ASA Everbridge Holdings Limited
Songa Offshore SE Transocean Ltd.
Transactions reviewed
Target
Weifa ASA
Bidder
Karo Pharma AB
Hafslund ASA Oslo Energi Holding AS
MultiClient Geophysical ASA Geoex Ltd
Solvang ASA AS Clipper
Tide ASA Det Stavangerske Dampskibsselskab AS
Target
Serodus ASA
Techstep ASA
Bidder
Viggo Harboe Holding 2006 ApS
Zono Holding AS (Middelborg Invest AS, Datum AS, Cipriano AS and more)
Aurora LPG ASA BW LPG
Norwegian Property ASA
Havfisk ASA
Target
Siem Offshore Inc.
Lerøy Seafood Group ASA 2017
Geveran Trading Co Ltd
Bidder
Siem Europe S.a.r.l
S.D. Standard Drilling plc Saga Tankers AS
Zoncolan ASA Ousdal AS
Interoil Exploration and Production ASA Andes Energia
Eitzen Chemical ASA Team Tankers International
Cellcura ASA Dag Dvergsten
Eltek ASA
Delta Electronics
Notifications to the Norwegian Competition Authority
1120 notifications during the first 10 years (2014 – 2023) of the current merger control regime.
Most notifications are unconditionally cleared in phase I
unconditionally cleared in phase I (1073 cases)
1 case closed in phase I with remedies
3.6% phase II-cases (40 cases)
1 notification transferred to the EU Commission
cleared in phase II with remedies (14 cases)
unconditionally cleared in phase II (15 cases)
Notifications to the Norwegian Competition Authority
1120 notifications during the first 10 years (2014 – 2023) of the current merger control regime.
Average handling time (business days)
All notifications 13.4 days
Phase I clearances 10.8 days
Phase II clearances 67.9 days
Remedies and prohibitions
102.3 days
Source: kt.no, einnsyn.no, document access, BAHR
Note: Five of the phase I cases were withdrawn in phase I
The BAHR Public Takeover Team
Lars Knem Christie PARTNER
+47 924 59 977 lck@bhar.no
Lars Kristian Sande PARTNER
+47 908 58 464 lks@bahr.no
Marcus Cordero-Moss SENIOR ASSOCIATE
+47 988 20 937 mamos@bahr.no
Robin Bakken PARTNER
+47 934 09 900 rba@bahr.no
Svein Gerhard Simonnæs PARTNER
+47 920 21 027 sgs@bahr.no
Simon Gunnheim SENIOR ASSOCIATE
110
+47 932 69 373 sigun@bahr.no
Camilla Iversen PARTNER
+47 474 16 227 caive@bahr.no
Erik Langseth PARTNER
+47 412 16 634 ela@bahr.no
Cecilie Bøe SENIOR ASSOCIATE
+47 416 60 605 ceboe@bahr.no
Norwegian Public Takeover Deal Study 2025
Important Information
In compiling the study, BAHR has solely reviewed publicly available information, including offer documents, press releases and other related publicly available documents.
The disclosure documents that form the basis of the study each include specific drafting tailored to the particular transaction in question. The terms of many transactions are not directly comparable. Accordingly, BAHR has relied on its judgment and discretion in summarising, categorising, and reflecting these provisions in the study Non-public information may be relevant to the analysis, but is not reflected in the study
The results of the study do not reflect the views of BAHR or legal advice Whether a specific term of an acquisition should apply or not is highly dependent on the facts and circumstances of each particular transaction. Accordingly, the applicability of any aspect of the study to a specific transaction merits close consideration based upon the facts and circumstances of that transaction
Advokatfirmaet BAHR AS
bahr.no