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SBB renews effort to buy Entra with request for valuation reports

·1-min read

STOCKHOLM (Reuters) - Swedish real estate firm SBB said on Wednesday it had asked Entra for "due diligence" information on certain assets, as it seeks to return to the negotiating table a week after withdrawing its bid for the Norwegian company.

SBB pulled its 30 billion Norwegian crowns ($3.46 billion)offer last week after Entra said the value of its property portfolio had increased just over 8% since it reported its third quarter results in October.

But SBB has now said it will evaluate the revised valuation if Entra provides it with the requested information.

"If received, SBB will evaluate this information with the objective of satisfying the due diligence condition of the Offer," SBB said in a statement, adding:

"SBB's findings in this due diligence exercise may provide grounds for an improvement to the terms of the Offer."

The Swedish firm said it couldn't be sure Entra would allow it access to the information it was seeking and that renewed efforts to revive its offer came after Entra shareholders approached SBB in favour of the company's bid.

($1 = 8.6609 Norwegian crowns)

(Reporting by Colm Fulton; editing by Johannes Hellstrom)