Samherji Holding granted an exemption from mandatory bid obligation in Eimskip

The Financial Supervisory Authority of the Central Bank of Iceland today granted Samherji Holding, a company affiliated with Samherji, an exemption from mandatory bid obligation in Eimskipafélag Íslands hf. (Eimskip). Given the current situation across financial markets, both in Iceland and the world, the conditions for exemption in the Icelandic Act on Securities Transactions are fulfilled.

On the 10th of March, it was announced that Samherji Holding had increased its stake in Eimskip by 3.05% and controlled a 30.11% stake in the company after the acquisition. Samherji Holding announced plans to send other shareholders of Eimskip takeover bids for their shares within four weeks as required by law. On the 20th of March, Samherji Holding requested an exemption from the takeover obligation due to the unique circumstances that had arisen in the financial market due to the spread of Covid-19.

The Financial Supervisory Authority believes, given the circumstances of this case, that this decision guarantees the interests and protection for minority shareholders in Eimskip. Finally, the Financial Supervisory Authority draws attention to the fact that according to the Act on Securities Transactions Samherji Holding cannot make a takeover bid for six months from the date the company requested exemption.

“There are currently extraordinary conditions in the financial market. We did not believe it was wise to issue a takeover bid in the current turmoil, but we all hope that the situation will be better later. Like we have stated before, our belief in Eimskip's future has not changed," says Björgólfur Jóhannsson the CEO of Samherji Holding.