Sweden’s Nordax Bank offered on Thursday to buy Oslo-listed Norwegian Finans Holding, the owner of Bank Norwegian, in a cash transaction valued at 17.8 billion Norwegian crowns ($2.10 billion).

Norwegian Finans shares surged 21% to trade at 99 crowns by 1057 GMT, above Nordax’s bid of 95, suggesting investors expect more bids could emerge. The combined firm would have around two million customers and overall lending of 64 billion Swedish crowns ($7.60 billion), Nordax said.

“Launch of the offer will be subject to Nordax receiving access to and having completed a due diligence review of NFH, including its subsidiary Bank Norwegian AS, to its satisfaction,” Nordax added.

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