Some shareholders in SPRON savings bank are dissatisfied with the price they will receive if the bank merges with Kaupthing Bank as planned. They are also against receiving 60 percent of that price in form of shares in Exista investment company.
The remaining 40 percent will be paid with shares in Kaupthing Bank.
Gunnar Thór Gíslason, shareholder in SPRON and former member of its board, told 24 Stundir that shareholders are generally dissatisfied with the deal. “The question remains whether shareholders are dissatisfied enough to reject the merger.”
According to the merger agreement between the boards of SPRON and Kaupthing Bank, SPRON shareholders will receive ISK 3.83 (USD 0.05, EUR 0.03) for each share in the savings bank, which was the market value of SPRON on June 30, 2008, and an addition of 15 percent.
Some shareholders say that if would have been fairer if the price had been estimated according to the market value of SPRON last spring, before the two banks announced that they planned to merge.
CEO of SPRON and member of the board of Exista Gudmundur Hauksson pointed out that not just SPRON’s shareholders are dissatisfied with the value of stocks on the market today. In light of the murky economic situation and the recent plummet in stock markets, shareholders are generally dissatisfied.
Hauksson added that since his interests also depend on a fortunate merger agreement with Kaupthing Bank, he is being honest and fair while working towards the merger.
Click here to read more about the planned merger.