Norway’s Telenor Group has extended the timeframe for its mandatory public tender offer for all remaining issued and outstanding shares in Finnish telco DNA. Having initially intended for the offer period to run between 29 August and 29 September, Telenor has now confirmed an extension to 10 October. As per the tender offer, DNA’s shareholders have been offered a cash consideration of EUR20.90 (USD22.9) per share. Upon completion of the tender offer, Telenor Group is expected to make a redemption claim to any remaining minority DNA shareholders in order to take full ownership of the telco, after which the Finnish operator will apply for the delisting of its shares from Nasdaq Helsinki.
As previously reported by CommsUpdate, in August 2019 Telenor Group completed its acquisition of a 54.04% majority stake in DNA, after striking separate agreements in April that year with the Finnish telco’s two largest shareholders, Finda Telecoms Oy and PHP Holding Oy, which owned 28.26% and 25.78% stakes, respectively.