Fredensborg ICE ehf. acquired a 63.72% stake in Heimavellir hf., increasing its total ownership to 73.94%, and will extend a mandatory takeover offer to other shareholders.

Target Information

On March 10, 2020, Fredensborg ICE ehf., acting as the bidder, purchased 7,168,946,995 shares in Heimavellir hf., amounting to 63.72% of the total issued shares of the company. Prior to this acquisition, the bidder held a 10.22% stake, bringing their total ownership to 73.94% post-transaction. This purchase also obligates the bidder to extend a mandatory takeover offer to other shareholders in Heimavellir, in accordance with the stipulations of Article 100 of Act No. 108/2007 on Securities Transactions, specifically Sections X and XI of the law.

Fredensborg ICE ehf. is an Icelandic private limited company fully owned by the Norwegian firm Fredensborg AS. The takeover offer is contingent upon the terms outlined in the official offer document dated April 6, 2020. The offer applies to all shares in Heimavellir that are not owned by the bidder or by the company itself as of the close of trading on April 3, 2020.

Industry Overview

The real estate industry in Iceland has seen significant growth in recent years, driven by a booming tourism sector and increased demand for residential properties. The market has attracted both domestic and fore