Telenor owns all the shares in DNA – this is how the acquisition progressed

On 21 August 2019, Telenor signed the final agreements on the sale of shares with Finda and PHP. Consequently, Telenor became the majority shareholder of DNA with an ownership of 54 per cent.

On 29 August 2019, Telenor launched the mandatory public tender offer for DNA’s remaining shares. Preliminary information about the tender offer was published on Friday, 27 September 2019. Based on this information, Telenor’s ownership rised to approximately 94.36 per cent of all DNA shares and votes. 

On 26 September 2019, Telenor published its decision to extend the tender offer to 10 October 2019 4:00 pm. The extended period offered the remaining shareholders an opportunity to approve the bid.

According to the final results of the extended offer period of the tender offer, the shares tendered in the tender offer represent 43,84 per cent of all the shares in DNA and, together with the shares held by Telenor prior to the commencement of the tender offer, represent approximately 97,87 per cent of all the shares in DNA. The settlement of the completion trades for the extended offer period is expected to take place on 16 October 2019.

On 15 October 2019 Telenor announced, that it has commenced mandatory redemption proceedings for the remaining shares by applying for arbitration proceedings to be initiated in accordance with Chapter 18, Section 4 of the Finnish Companies Act in order to obtain ownership of the remaining shares. Based on the announcement, DNA expects that Telenor will procure that DNA apply for the delisting of its shares from Nasdaq Helsinki following this.

On 8 November 2019 Telenor announced, that as a result of Telenor's application for initiation of arbitration proceedings, the Redemption Board of the Finland Chamber of Commerce has petitioned the District Court of Helsinki for the appointment of a special representative to look after the interests of DNA's minority shareholders in the arbitration during the redemption proceedings. With its decision given on 4 November 2019, the District Court of Helsinki has appointed Olli Iirola, attorney-at-law, to act as the special representative.

On 10 December 2019 DNA submitted a delisting application to the Listing Committee of Nasdaq Helsinki requesting that the quotation of DNA' shares on the official list of Nasdaq Helsinki will be terminated as soon as possible after Telenor has obtained title to all outstanding shares in DNA pursuant to Chapter 18, Section 6 of the Companies Act.

On 28 January 2020 arbitral tribunal confirmed Telenor Finland Holding Oy's redemption right regarding DNA's minority shares and trading in DNA's shares was suspended.

On 3 February 2020 Telenor Finland Holding Oy gained title to all outstanding shares in DNA and the DNA shareswere delisted from Nasdaq Helsinki.