Fredensborg ICE ehf. acquires 99,45% in Heimavellir hf.

16. June 2020

On April 6, 2020, Fredensborg ICE ehf. launched a tender offer to acquire all outstanding shares of Heimavellir hf. The validity period of the takeover bid expired on June 15, 2020. A total of 242 shareholders accepted the offer, which amounted to 24,32% of Heimavellir‘s outstanding shares.

Fredensborg ICE ehf. shares in Heimavellir before the offer was equivalent to 73,93%, following the tender offer results the company will own 98,25% and when adjusted for own shares a total of 99,45%.

Arctica Finance hf.‘s corporate advisory managed the offer process on behalf of Fredensborg ICE hf.

Following the settlement of the takeover bid, Fredensborg ICE ehf. acquires more than 9/10 share capital and voting rights in Heimavellir hf. Fredensborg ICE ehf. and the Board of Directors of Heimavellir hf. have decided to exercise redemption rights on the basis of Article 110. Act on Securities Transactions. The redemption price will be the same as in the tender offer or ISK 1.5 for each share in Heimavellir hf., paid in cash. The shareholders of Heimavellir, which will receive the redemption, will be notified of the redemption in the coming days.