Alfesca's management instigated the takeover bid on Friday to save the future of the company after they decided remaining on the Icelandic exchange would “jeopardize” its fortunes.
“The reason is the collapse of the Icelandic stock market where we are listed -- for the time being. It is negative for Alfesca because it jeopardized the future of [the company],” CEO Xavier Govare told IntraFish.
“It's impossible to raise any equity funding in Iceland, there are no more people willing to do it, neither the banks nor pension funds nor equity funds," he said.
