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Malcolm Walker offers £1.55 billion for Iceland Foods

Iceland Foods chief executive Malcolm Walker is reported to be in exclusive discussions with Landsbanki to buy out a 77% stake in the frozen food chain for £1.55 billion.

CITY & CORPORATE

Malcolm Walker offers £1.55 billion for Iceland Foods

Iceland Foods chief executive Malcolm Walker is reported to be in exclusive discussions with Landsbanki to buy out a 77% stake in the frozen food chain for £1.55 billion.

In a statement on its website, Landsbanki said: "Landsbanki Islands hf. confirms that the bank and Glitnir have entered into exclusive discussions with ManagerCo, a company owned by the senior management team of Iceland Foods, including Malcolm Walker, to sell their respective shareholdings in Iceland Foods.

"Landsbanki believes that this approach delivers the most certainty around sale completion whilst achieving the objective of maximising the proceeds from the sale of the shares."

A sale is expected to be completed shortly. Iceland's management, led by Walker, already owns a 23% stake in the business.

Walker, who founded the business in 1970, said. "I am delighted the Icelandic banks have recognised the importance of management to the continuing success of the business and have been supportive in giving us the exclusive right to pursue negotiations with them. 

"I have every hope that we will be able to bring these to a successful conclusion within the coming weeks."

He added: "This gives us a fantastic opportunity to achieve a deal that will be in the best long-term interests of Iceland Foods, our 22,000 staff and the five million customers who shop with us each week."

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