Kvika's Board of Directors has submitted an offer to acquire all
share capital in Virðing hf. If the acquisition is effected the two companies will
be merged.
The offer provides for a purchase price of ISK 2,560 million, to be
paid in cash. The acquisition is subject to certain conditions, including the
approval by shareholders of both companies and regulatory consent.
The Board of Directors of Virðing has received the offer and
decided to refer it to the company's shareholders.
An agreement was recently reached on the purchase by Virðing of
ALDA sjóðir hf. If Kvika's offer to the shareholders of Virðing hf. is
accepted, that agreement will be subject to the final approval by Kvika and
shareholders of ALDA.
The offer is valid until 4:00 pm on 30 June this year. If the
consent of a minimum of 90% of Virðing's shareholders is obtained by that time
a shareholders' meeting in Kvika is planned for mid-July.