Shares in Sjóklaedagerdin hf. offered for sale

31.10.2010
  • Íslandsbanki Corporate Finance will lead a formal sales process
  • The sales process is open to all investors that fulfil the defined criteria
  • Offers opened in the presence of an independent party

Íslandsbanki's Corporate Finance ("ÍSB Corporate Finance") has been mandated to manage a formal process for the sale of Íslandsbanki´s 33,34% equity share in Sjóklaedagerdin. The remaining shares are owned by EGUS Inc. The sales process formally begins on the 1st of November when further information relating to the process will be made public on www.islandsbanki.is/66north2010.

The sales process is open to every investor that can be defined as a professional client according to the Act on Securities Transactions No. 108/2007 and with a net worth greater than ISK 300 million.

Interested investors need to sign a non-disclosure agreement and provide information that confirms the fulfilment of the above conditions. ÍSB Corporate Finance will accept signed NDA´s form until 2:00 pm Friday, 12 November. Investors will then receive further information regarding the company. The seller reserves the right to limit the access to the sales process on the basis of competition grounds or when legal limitations prevent the investor from owning a stake in the company.

A conditional offer is to be delivered to ÍSB Corporate Finance, no later than 2:00 pm, 15 November 2010, in a sealed envelope, marked "Fyrirtaekjaradgjof/66north".

The bidders that submit the highest offers will have the opportunity to participate in the second phase of the process. They will receive information in greater detail relating to the operations and financial standing of the company as well as a vendor due diligence report prepared by an independent consultant.

Final binding offers must be submitted no later than 2:00 pm, Monday 7 December 2010. All offers will be opened in the presence of an independent party.

Information regarding the process will be available from 12:00 pm the 1st of November 2010 at www.islandsbanki.is/66north2010.

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