Table Bid premium N Panel A All acquisitions Acquirer

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							    Table 3 - Bid premium


                                            N       Total      High M/B      Low M/B       High ret      Low ret

    Panel A - All acquisitions
    Acquirer
    Total                                    407    28,8%         22,7%        37,8%         25,6%        35,3%
    Majority owner bid                       137    24,3%         17,2%        33,2%         26,1%        22,6%
    Main owner bid                           198    24,5%         19,8%        29,5%         24,8%        24,6%
    Other insider bid                        220    24,3%         19,9%        29,0%         24,2%        25,4%
    Other acquisitions                       187    33,6%         25,4%        46,5%         27,5%        45,2%


    Way of payment
    Cash                                     255    30,1%         23,9%        39,4%         26,7%        34,2%
    Stock                                     57    30,4%         20,8%        48,4%         20,1%        50,9%


    Panel B - Swedish acquirers
    Acquirer
    Total                                    323    26,8%         21,8%        32,0%         25,5%        32,8%
    Insider bid                              190    24,8%         19,9%        27,6%         26,3%        24,8%
    Majority owner bid                       124    25,0%         18,0%        31,1%         28,3%        22,8%
    Main owner bid                           171    25,1%         19,9%        28,0%         27,4%        23,7%


    Way of payment
    Cash                                     185    27,7%         22,8%        32,4%         27,3%        31,5%
    Stock                                     49    28,4%         19,1%        44,3%         15,7%        47,7%


    Panel C - Foreign acquirers
    Acquirer
    Total                                     86    35,8%         25,1%        67,3%         25,8%        52,3%
    Insider bid                               30    21,1%         19,6%        47,4%         14,0%        30,1%


    Way of payment
    Cash                                      70    36,3%         26,3%        73,0%         25,8%        47,0%
    Stock                                       8   42,6%         24,2%        73,3%         30,1%        78,4%




Table 3 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been
made on the Stockholm Stock Exchange between 1981 and 2008, illustrating the bid premium. The bid premium is defined as
the difference between the bid rate and the average share price 20 days prior to the bid and it is expressed on a total basis and
according to the acquired companies’ levels of M/B and stock returns. High/low M/B and returns are defined as the
upper/lower quartiles and pre-M/B and 12-months return have been utilized when calculating. Pre-M/B is defined as the
average 20-days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value
of equity derived from the latest pre-acquisition annual report. Furthermore, the bid premium is illustrated by the
characteristics of the acquiring companies including Swedish and foreign (including the Nordic countries) origin, insiders and
non-insiders and way of payment (cash or stock). An insider consists of a majority owner (more than 50 % of shares), a main
owner (more than 20% of shares) or an acquirer having a close corporate insight in the form of board/management work prior
to the acquisition. The total number of acquired companies according to their specifics is also given (N).
   Table 4 - Bid premium relative to industry


                                              N        Total      High M/B       Low M/B       High ret     Low return

   Manufacturing
   Total                                     176      29,5%          23,8%         42,1%         29,6%         39,7%
   Swedish acquirers                         127      26,5%          20,8%         31,2%         28,1%         31,4%
   Foreign acquirers                         49       37,4%          33,1%         75,0%         33,2%         63,6%


   Trade
   Total                                      33      25,0%          20,9%         39,0%         24,7%         28,6%
   Swedish acquirers                          30      25,6%          21,2%         39,0%         26,0%         28,6%
   Foreign acquirers                          3       19,8%          19,8%            -          19,5%            -

   Services
   Total                                      79      35,8%          24,8%         55,0%         20,8%         41,5%
   Swedish acquirers                          56      34,9%          27,6%         48,5%         22,8%         43,4%
   Foreign acquirers                          23      38,0%          19,8%         79,5%         18,9%         29,6%

   Financial
   Total                                     119      24,3%          18,4%         27,6%         20,3%         24,1%
   Swedish acquirers                         108      23,8%          18,2%         27,3%         21,2%         24,1%
   Foreign acquirers                         11       28,7%          19,1%         30,7%         17,8%            -



Table 4 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been
made on the Stockholm Stock Exchange between 1981 and 2008, illustrating the bid premium of the acquired companies
relative to their industries. The bid premium is defined as the difference between the bid rate and the average share price 20
days prior to the bid and it is expressed both totally and according to the acquired companies’ levels of M/B and stock returns.
High/low M/B and returns are defined as the upper/lower quartiles and pre-M/B and 12-months return have been utilized
when calculating. Pre-M/B is defined as the average 20-days pre-acquisition share price multiplied by the total number of
outstanding shares, divided by the book value of equity derived from the latest pre-acquisition annual report. Furthermore,
the bid premium is illustrated by the characteristics of the acquiring companies including Swedish and foreign (including the
Nordic countries) origin. The total number of the acquired companies according to their specifics is also given (N).
    Table 5 - Bid premium relative to integration

                                                N       Total         1982-91       1992-97      1998-2002       2003-08

    All acquisitions
    Horizontal integration                     238      30,0%          29,1%         28,0%          35,0%         25,7%
    Vertical integration                       11       22,8%          25,9%         22,5%          30,8%          0,6%
    No integration                             160      27,2%          25,7%         28,9%          38,0%         22,5%


    Swedish acquisitions
    Horizontal integration                     158      26,7%          25,5%         24,9%          29,4%         29,6%
    Vertical integration                        9       22,3%          25,9%         23,5%             -           0,6%
    No integration                             156      27,1%          25,8%         28,9%          36,0%         23,9%


    Foreign acquisitions
    Horizontal integration                     80       36,3%          50,6%         38,4%          42,3%         23,5%
    Vertical integration                        2       25,2%             -          19,5%          30,8%            -
    No integration                              4       31,3%          22,8%            -           75,9%          3,6%




Table 5 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been
made on the Stockholm Stock Exchange between 1981 and 2008, illustrating the bid premium relative to integration or no
integration. The bid premium is defined as the difference between the bid rate and the average share price for the 20 days
prior to the bid. The acquisitions are divided into four periods of time, showing how the bid premium has development over
time and also illustrating the individual features of integration or no integration of these periods. Horizontal integration
includes an acquired company that acts in the same industry as the acquirer and vertical integration is by definition when a
company acquires a supplier or a customer. In addition, there is a distinction between Swedish and foreign (including the
Nordic countries) acquiring companies and the total number of the acquired companies according to their specifics is also
given (N).
     Table 6 - Bid premium intervals


     %                         N    Total         1982-91      1992-97      1998-2002 2003-08

     0-15                      97       23,8%        24,6%        19,0%         14,4%        42,4%
     15-30                    149       36,6%        35,2%        46,8%         35,6%        28,8%
     30-45                    103       25,3%        27,9%        21,5%         27,8%        18,6%
     45-60                     32       7,9%          8,4%         6,3%         8,9%          6,8%
     60-                       26       6,4%          3,9%         6,3%         13,3%         3,4%




Table 6 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been
made on the Stockholm Stock Exchange between 1981 and 2008, illustrating the bid premium in the form of intervals. The
bid premium is defined as the difference between the bid rate and the average share price for the 20 days prior to the bid. The
acquisitions are divided into four periods of time, showing how the bid premium has development over time when separating
it into intervals of 15%. The total number of the acquired companies according to their specifics is also given (N).
     Table 7 - 20 largest bid premiums



     Bid premium      Company                            Industry            Acquirer                            Bid-date           Value Mkr       Pre-M/B        6 month ret   Way of payment

 1     244,4%         Mogul                              Services            Addnode                             2003-02-28            57                0,39        -23,2%           Stock
 2     235,5%         Jobline International              Services            TMP Worldwide Inc                   2001-05-25           1154               0,51        -52,3%           Cash
 3     141,8%         Artema                             Manufacturing       Cardiac Science Inc                 2001-01-10           188                0,91        -21,1%           Stock
 4     140,3%         Scandinavia Online                 Services            Eniro                               2001-11-20           523                0,66        -17,1%           Cash
 5     116,7%         Bastionen Syd                      Financial           Klövern I                           1994-02-07           659                1,12        -80,6%           Stock
 6     111,8%         Bergaliden                         Financial           Bergaliden holding                  1992-12-15           459                0,20         19,4%           Cash
 7     110,5%         Programator                        Services            Cap Gemini                          1992-02-10           479                2,81         88,7%           Cash
 8     110,0%         Uddeholms                          Manufacturing       Voest-Alpine / Trustor I            1990-12-11            845               0,48         -6,8%           Cash
 9      95,3%         Duni                               Manufacturing       Marieberg                           1987-03-17           1468               1,25         27,2%        Alternative
10      90,2%         Fundia                             Manufacturing       Fundia Intressenter                 1991-05-14           249                0,57          6,8%           Cash
11      81,0%         Östgötabanken                      Financial           Danske Bank                         1997-03-17           2845               1,86         -3,0%           Cash
12      77,4%         Scandiafelt                        Manufacturing       Scapa Group plc                     1991-11-18            351               0,99         26,2%           Cash
13      75,9%         Gylling Optima                     Manufacturing       Johnson Controls Inc                2000-08-29            598               3,46        -10,4%           Cash
14      72,6%         Folkebolagen                       Handel              Lindab I                            2000-05-08           145                0,85        -23,3%           Cash
15      70,4%         Monark Stiga                       Manufacturing       Grimaldi Industri                   1999-11-19           1247               1,03        -36,2%           Cash
16      69,4%         Kullenberg I                       Manufacturing       Euroway                             1985-03-13           220                1,20        -41,5%           Other
17      68,9%         Spectra-Physics                    Manufacturing       Thermo Instruments Inc              1999-01-07           2819               1,04        -18,2%           Cash
18      68,6%         Lundgrens Elektriska               Manufacturing       GTIE S.A.                           1999-12-15           255                1,47        -36,6%           Cash
19      65,6%         Meto                               Manufacturing       Checkpoint Inc                      1999-08-11           2226               2,90         0,0%            Cash
20      65,5%         Guide Konsult                      Services            Framfab                             1999-12-03           1495               5,38         7,5%            Stock




Table 7 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been made on the Stockholm Stock Exchange between 1981 and 2008,
illustrating the 20 largest bid premiums, including both Swedish and foreign (including the Nordic countries) acquirers. The bid premium is defined as the difference between the bid rate and the
average share price for the 20 days prior to the bid. A detailed description including acquired company, industry, acquiring company, bid-date, market value, pre-M/B, 6-months return and way
of payment is provided. Pre-M/B is defined as the average 20-days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value of equity derived
from the latest pre-acquisition annual report.
     Table 8 - 10 largest foreign bid premiums



     Bid premium      Company                             Industry            Acquirer                                 Bid-date       Value Mkr        Pre-M/B        6 month ret    Way of payment

 1     235,5%         Jobline International               Services            TMP Worldwide Inc                       2001-05-25           1 154            0,51        -52,3%           Cash
 2     141,8%         Artema                              Manufacturing       Cardiac Science Inc                     2001-01-10             188            0,91        -21,1%           Stock
 3     110,5%         Programator                         Services            Cap Gemini                              1992-02-10             479            2,81         88,7%           Cash
 4     110,0%         Uddeholms                           Manufacturing       Voest-Alpine / Trustor I                1990-12-11             845            0,48         -6,8%           Cash
 5      90,2%         Fundia                              Manufacturing       Fundia Intressenter                     1991-05-14             249            0,57          6,8%           Cash
 6      81,0%         Östgötabanken                       Financial           Danske Bank                             1997-03-17           2 845            1,86         -3,0%           Cash
 7      77,4%         Scandiafelt                         Manufacturing       Scapa Group plc                         1991-11-18             351            0,99         26,2%           Cash
 8      75,9%         Gylling Optima                      Manufacturing       Johnson Controls Inc                    2000-08-29             598            3,46        -10,4%           Cash
 9      68,9%         Spectra-Physics                     Manufacturing       Thermo Instruments Inc                  1999-01-07           2 819            1,04        -18,2%           Cash
10      68,6%         Lundgrens Elektriska                Manufacturing       GTIE S.A.                               1999-12-15             255            1,47        -36,6%           Cash




Table 8 is based on information, derived from the databases Affärsdata and Sixtrust, of all acquisitions that have been made on the Stockholm Stock Exchange between 1981 and 2008,
illustrating the ten largest foreign bid premiums. The bid premium is defined as the difference between the bid rate and the average share price for the 20 days prior to the bid. A detailed
description including acquired company, industry, acquiring company, bid-date, market value, pre-M/B, 6-months return and way of payment is provided. Pre-M/B is defined as the average 20-
days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value of equity derived from the latest pre-acquisition annual report.
     Table 9 - 10 largest Swedish bid premiums



     Bid premium     Company                                Industry            Acquirer                                  Bid-date        Value Mkr         Pre-M/B        6 month ret    Way of payment

 1     244,4%        Mogul                                  Services            Addnode                                  2003-02-28               57            0,39         -23,2%            Stock
 2     140,3%        Scandinavia Online                     Services            Eniro                                    2001-11-20              523            0,66         -17,1%            Cash
 3     116,7%        Bastionen Syd                          Financial           Klövern I                                1994-02-07              659            1,12         -80,6%            Stock
 4     111,8%        Bergaliden                             Financial           Bergaliden holding                       1992-12-15              459            0,20          19,4%            Cash
 5     95,3%         Duni                                   Manufacturing       Marieberg                                1987-03-17            1 468            1,25          27,2%         Alternative
 6     72,6%         Folkebolagen                           Handel              Lindab I                                 2000-05-08              145            0,85         -23,3%            Cash
 7      70,4%        Monark Stiga                           Manufacturing       Grimaldi Industri                        1999-11-19            1 247            1,03         -36,2%            Cash
 8     69,4%         Kullenberg I                           Manufacturing       Euroway                                  1985-03-13              220            1,20         -41,5%           Other
 9     65,5%         Guide Konsult                          Services            Framfab                                  1999-12-03            1 495            5,38          7,5%             Stock
10     64,9%         Allgon                                 Manufacturing       LGP Telecom                              2003-01-21              758            1,01         -10,6%            Stock




Table 9 is based on information, derived from the databases Affärsdata and Sixtrust, of all 407 acquisitions that have been made on the Stockholm Stock Exchange between 1981 and 2008,
illustrating the ten largest Swedish bid premiums. The bid premium is defined as the difference between the bid rate and the average share price for the 20 days prior to the bid. A detailed
description including acquired company, industry, acquiring company, bid-date, market value, pre-M/B, 6-months return and way of payment is provided. Pre-M/B is defined as the average 20-
days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value of equity derived from the latest pre-acquisition annual report.
  Table 10 - Bid premiums, more than one bid



  Bid premium     Company                               Industry        Acquirer                                Bid-date    Value Mkr   Pre-M/B    6 month ret   Way of payment

     64,1%        Finansrutin data                      Services        Förenade Liv                           1993-03-03          14       0,56      33,3%          Cash
     57,5%        Svenska Energinät                     Manufacturing   Graninge                               1991-04-10         303       4,80     -18,7%          Cash
     47,3%        Dahl International                    Trade           EQT/Ratos                              1999-02-10       2 496       1,23     -29,1%          Cash
     47,2%        Hasselfors                            Manufacturing   Assi-Domän                             1995-09-01       1 257       1,21       1,8%          Cash
     43,0%        Martinsson                            Trade           Atle                                   1999-09-16         282       0,62     -45,6%          Cash
     42,1%        Orrefors Kosta Boda                   Manufacturing   OKB Holding                            1996-10-11         523       1,78       2,4%          Cash
     41,0%        Norra Nordbanken                      Financial       Nordbanken II                          1989-12-07       5 608       1,86      18,5%          Cash
     39,4%        Hexagon I                             Financial       Munksjö I                              1990-06-06       1 754       1,51      -8,0%          Other
     35,8%        Protorp                               Financial       Volvo / Skanska                        1992-10-19       1 310       1,19     -13,2%          Cash
     32,2%        Capio                                 Services        Opica                                  2006-09-01      12 918       2,11      -9,6%          Cash

     29,7%        Gant                                  Services        Procastor S.A.                         2007-12-11       5 199      14,26      -9,6%          Cash
     27,9%        Hoist II                              Financial       Mikael Wirén                           2003-12-18         279       1,15     -70,3%          Cash
     26,6%        Lindab I                              Manufacturing   Lindab intressenter                    2001-05-14       3 312       2,00      28,9%          Cash
     24,6%        Memory data                           Services        Memory International                   1990-10-01          96       2,00      -2,5%          Cash
     24,5%        OMX                                   Financial       Nasdaq Stock Market                    2007-05-25      24 852       4,34      31,1%          Mix
     23,2%        Anglo Scandinavian Investment Trust   Financial       Scottish Cities Investment Trust Plc   1991-09-27         170       7,61       5,3%       Alternative
     22,1%        Arjo                                  Manufacturing   Getinge                                1995-07-13       1 976       2,44     -65,9%          Mix
     21,7%        Proventus II                          Financial       Weil Invest                            1995-02-24       2 462       1,04       5,6%         Other
     21,3%        Diligentia II                         Financial       Skandia (Liv)                          2000-03-20       5 644       0,91     -50,7%          Cash
     20,1%        ICB Shipping                          Services        Frontline                              1997-09-01       3 237       1,01       6,7%          Cash
     19,6%        Swegon                                Manufacturing   Latour                                 1995-04-03         210       1,34      17,3%          Cash
     19,4%        Munksjö II                            Manufacturing   Jefferson Smurfit                      2002-01-29       3 337       1,16      12,2%          Cash
     19,0%        Bahco II                              Financial       Industrivärden                         1991-10-17       2 649       1,13     -19,0%          Cash
     17,9%        Fabege I                              Financial       Näckebro                               1997-06-03       1 882       4,34     -33,1%          Cash
     16,4%        Frigoscandia                          Services        ASG                                    1995-08-07       1 809       1,16      17,8%          Mix
     16,3%        Tryckinvest                           Manufacturing   Qubecor Printing Scandinavia           1998-07-09       1 771       3,57       0,0%          Cash
     14,1%        Schatullet                            Financial       Latour                                 1984-02-28         202       3,31      23,6%         Other
     13,2%        ABV                                   Manufacturing   NCC                                    1988-01-29       2 271       6,31       6,8%       Alternative
     12,0%        Esselte Business Systems              Manufacturing   Esselte                                1989-10-26       9 303       1,70      15,0%          Cash
     11,9%        Näckebro                              Financial       Fabege II                              1998-09-08       3 002       0,78      -4,5%          Cash
      8,4%        Birka Kraft                           Manufacturing   Kinnevik                               1992-09-28       4 246       0,89      -6,0%         Other
      6,5%        Scandiaconsult                        Services        Ramböll                                2003-02-17       1 099       2,72      18,1%          Cash
      3,6%        Pandox                                Financial       Apes Holding                           2003-11-21       2 615       1,31      51,4%          Cash



Table 10 is based on information, derived from the databases Affärsdata and Sixtrust, of all acquisitions that have been made on the Stockholm Stock Exchange between 1981 and 2008,
illustrating the bid premiums when there were other bids involved. The bid premium is defined as the difference between the bid rate and the average share price for the 20 days prior to the bid.
A detailed description including acquired company, industry, acquiring company, bid-date, market value, pre-M/B, 6-months return and way of payment is provided. Pre-M/B is defined as the
average 20-days pre-acquisition share price multiplied by the total number of outstanding shares, divided by the book value of equity derived from the latest pre-acquisition annual report.

						
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