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New Kaupthing to Prevent Exista Takeover Plans

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New Kaupthing to Prevent Exista Takeover Plans

The board of New Kaupthing Bank has issued a statement saying that they intend to prevent brothers Lýdur and Ágúst Gudmundsson, commonly referred to as the Bakki brothers, from taking over Exista with every means possible.

The brothers plan to provide ISK 1 billion (USD 8.8 million, EUR 6.8 million) in exchange for stocks in Exista and thus acquire nearly 88 percent of shares in the investment company, Morgunbladid reports.

“Kaupthing has great interests in loans to Exista and related companies and a process has begun in which Kaupthing plans to take over the board of Exista and thus secure Kaupthing’s interests,” said Finnur Sveinbjörnsson, director of New Kaupthing.

“If the brothers’ plans will work out, their company will have the upper hand in Exista,” Sveinbjörnsson added.

Morgunbladid was unable to reach Lýdur and Ágúst Gudmundsson in relation to this story, who were the largest shareholders in old Kaupthing Bank.

Click here to read about New Kaupthing being established.

Copyright of image: Icelandic Photo Agency.

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