The offer corresponds to 380 Danish crowns per share, or 2.5 percent above Thursday's closing share price. Five-year CDS on the company traded 5 basis points tighter late on Friday at 305 basis points, said a trader. Elsewhere, default swaps on Swiss Re came under slight pressure after Moody's Investors Service said it may downgrade the company after it agreed to buy General Electric's reinsurance business for $7.6 billion. Moody's said it was primarily concerned about the execution risks associated with the transaction, particularly Swiss Re's ability to rapidly implement its underwriting and risk management policies at the acquired entity. Moody's placed its Aa2 insurance financial strength and senior debt ratings on Swiss Reinsurance Co, as well as its A1 subordinated debt rating, on review for possible downgrade.