BRFkredit and Jyske Bank join forces
BRFkredit a/s and Jyske Bank A/S have today entered into an agreement to merge the two enterprises.
According to the agreement Jyske Bank will take over all BRFkredit shares from BRFholding a/s against the issue of new Jyske Bank shares in the nominal amount of DKK 237,600,000 corresponding to 25 per cent of the share capital after the completion of the merger. In addition, BRFholding will receive a cash payment of DKK 100m.
Based on Jyske Banks closing share price of DKK 307 on 24 February 2014, the BRFkredit shares are valued at approx. DKK 7.4bn. After the merger, BRFholding will be the largest shareholder of Jyske Bank.
Jyske Bank will be the parent company in the combined group, and BRFkredit will become a subsidiary governed by Danish mortgage-credit legislation.
The Supervisory Board of Jyske Bank will at its annual general meeting on 19 March 2014 propose the amendments to Jyske Banks Articles of Association necessary to implement the merger.