Kaupthing Bank's offer for JP Nordiska reaches acceptance rate of 86% at end of extended offer period

Nordic Business Report, Dec 4, 2002

NORDIC BUSINESS REPORT-4 December 2002-Kaupthing Bank's offer for JP Nordiska reaches acceptance rate of 86% at end of extended offer period(C)1994-2002 M2 COMMUNICATIONS LTD http://www.m2.com

The Icelandic investment bank Kaupthing Bank said today (4 December) that its offer for the Swedish investment bank JP Nordiska had reached an acceptance rate of 86%.

The offer period was extended from an initial closing date of 15 November to 29 November.

"We are pleased the offer achieved an acceptance rate that would allow 86% of the share capital in JP Nordiska to be swapped for shares of Kaupthing Bank. We are also counting on a good future relationship with those shareholders of JP Nordiska who have chosen to retain their shares," said Sigurdur Einarsson, CEO of Kaupthing Bank.

Kaupthing Bank said earlier that it would go through with the deal even if it did not reach a previously stipulated 90% acceptance level for its offer.

Kaupthing Bank's proposed acquisition is subject to the approval of the Swedish financial supervisory authority.

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