Sale of Morgunblaðið publisher
Árvakur hf, the publisher of the Icelandic daily newspaper Morgunblaðið, has appointed New Glitnir Corporate Finance to act as financial advisor and manager of a capital-raising exercise. In the coming days, the bank will invite offers for new shares in Árvakur, to be issued when the current owners have written down their holdings.
The sale process will be open to all those meeting the criteria to be considered institutional investors under the Act on Securities Transactions No. 108/2007.
Interested investors are required to fill in a confidentiality statement and deliver it to New Glitnir Corporate Finance before 16:00hrs on Friday 30 January. The documentation package for the sale will be delivered electronically between 28 and 30 January to the e-mail address specified by each potential investor in the confidentiality statement.
Non-binding offers are to be submitted to New Glitnir on Wednesday, 4 February 2009. The highest bidders will be invited for continued participation in the sale process and receive a draft purchase agreement. They will have access to more detailed information on the company's operations and finances and be required to submit binding offers no later than Tuesday, 17 February.
Einar Örn Ólafsson, Director of New Glitnir Corporate Finance:
"As reported in the media, a number of investors have shown great interest in the company. Árvakur and New Glitnir have set up a process ensuring that all interested investors are on equal footing. We are hopeful that high-calibre investors will join the company to solidify its future position."
Further details will be available on New Glitnir's website at www.glitnir.is/soluferli as of 9:00hrs on Tuesday, 27 January 2009.