Telenor: Communications and marketing in the tender offer for shares in DNA


In autumn 2019, Telenor, a telecommunications company operating in Scandinavia and Asia, launched a mandatory public tender offer for the shares in DNA, listed in Nasdaq Helsinki. Telenor had previously acquired a majority stake from the two largest shareholders of DNA. Telenor sought full ownership of DNA to be able to develop the company and strengthen Telenor’s position in the Nordic markets. The key objective of communications and marketing was to convince DNA’s shareholders that the tender offer from Telenor was the right time and price to sell the company’s shares.


Telenor had to be able to clearly communicate the benefits of accepting the tender offer in relation to DNA’s situation. DNA had been a good investment for its shareholders since its listing, but the offered premium, the recommendation of the board of DNA as well as the majority stake Telenor had already acquired and the plans it had to develop DNA all were in favour of DNA shareholders selling their shares to Telenor.


Miltton planned and executed a multi-channel communications and marketing campaign for Telenor to reach DNA shareholders and to gain a maximal level of acceptance for the tender offer. The campaign included, for example, marketing materials delivered to DNA shareholders, a SEM, digital and social media marketing campaign, and Miltton supported Telenor in Finnish media relations. Telenor and the tender offer gained significant visibility in the Finnish media, and the company succeeded in presenting itself as an interesting player, relatively new to the Finnish audience. The tender offer was also discussed in the popular investor podcast, Rahapodi.


As a result of the tender offer, Telenor managed to acquire altogether nearly 98% of all shares in DNA. Consequently, DNA delisted its share from the Helsinki Stock Exchange. After the completion of the transaction, Telenor gained a strong position in the Finnish market, and DNA has continued its successful business as part of the Telenor success story.


Antti Salomaa