Kvika banki hf: Kvika’s Board responds to merger proposals

Group 1 - Kvika banki hf. received merger proposals from Arion banki hf. and Íslandsbanki hf. on May 27 and 28 [1] - The Board of Kvika concluded that the proposals do not reflect the intrinsic value of the bank and decided against entering merger discussions [2] - The Board believes there are significant opportunities for value creation through a potential business combination, and is open to reevaluating its decision if improved proposals are presented [3]