Advice and Fairness Opinion in connection with the merger of Aktieselskabet Lollands Bank and Vordingborg Bank A/S
In August 2013, the boards of Aktieselskabet Lollands Bank (in the following “Lollands Bank”) and Vordingborg Bank A/S (in the following “Vordingborg Bank”) announced that they had decided to submit a recommendation to merge the two banks to the general assemblies of the two banks.
In October 2013, the banks released an extended company announcement describing the proposed merger in detail. Prior to the release of this announcement, Carlsquare had carried out a number of thorough financial analyses of information provided by the banks. Based on these analyses, Carlsquare provided a Fairness Opinion to the boards of the two banks.
The management of the continuing bank assesses that the new bank has a size that provides a solid basis for maintaining a strong presence in the market area of the bank. Furthermore, the bank is the only local bank on the islands of Lolland and Falster. In addition the management believes that the continuing bank, compared to what the two banks had on an individual basis prior to the merger, has a strengthened business platform, an improved profitability, a stronger capital base and a sound liquidity position based on the costumer base in the continuing bank’s market area. As a result, the management believes, that the bank has become a more attractive financial partner for all clients in the region through the merger.
