Festi hf. Receives Non-Binding Offers for Olíudreifing ehf.
Festi hf. Receives Non-Binding Offers for Olíudreifing ehf.
Festi hf. has recently announced the progress concerning Olíudreifing ehf. which is a crucial infrastructure entity specializing in fuel storage and distribution in Iceland. After initiating the sales process on September 26, 2024, the company has now received non-binding offers for all outstanding shares in Olíudreifing, also referred to as 'the Company'.
Evaluating the Offers
The Board of Directors at Festi have meticulously assessed the offers that have been put forward. Following this evaluation, they, along with their co-owner, decided to proceed with inviting three interested parties. These parties will now have the opportunity to delve deeper into the sales process and gain access to additional information needed for their evaluations.
Next Steps in the Sales Process
At present, there are no guarantees that this exploratory phase will culminate in binding offers for Olíudreifing. The decision to move forward with the interested parties reflects the strategic importance of the company within the market.
Importance of Olíudreifing in the Market
Olíudreifing is significantly held, with 60% ownership by Festi and the remaining 40% by Olís. The company plays a vital role in the regional infrastructure, ensuring effective fuel storage and distribution for numerous users throughout Iceland.
Commitment to Transparency
Festi hf. is dedicated to upholding transparency in all dealings, particularly in this sales process. This announcement has been issued to comply with relevant regulations, embracing the Market Abuse Regulation (EU) 596/2014. The intent is to keep stakeholders informed of potential developments surrounding Olíudreifing's sale.
Frequently Asked Questions
What is Olíudreifing ehf.?
Olíudreifing ehf. is an important infrastructure company in Iceland that specializes in fuel storage and distribution.
Who owns Olíudreifing ehf.?
Festi hf. owns 60% of Olíudreifing, while Olís holds the remaining 40% stake.
What type of offers has Festi received for Olíudreifing?
Festi has received non-binding offers for all outstanding shares in Olíudreifing in response to their sales process announcement.
Will the offers lead to a sale?
At this stage, there is no certainty that the current offers will translate into binding agreements for the sale of Olíudreifing.
What is the next step in the sales process?
Three interested parties have been invited to continue in the sales process and will gain access to more detailed information regarding the company.
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