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.