In response to Marine Harvest’s announcement of a potential conditional, unsolicited takeover offer for all of the outstanding shares of Cermaq ASA, Cermaq has issued a statement stating that the offer is “inadequate”.
According to Marine Harvest’s announcement, if the potential offer is launched, the consideration per Cermaq share will consist of NOK 53 in cash and NOK 52 in Marine Harvest shares, representing a total of NOK 105 per Cermaq share. The potential offer will be reduced to NOK 104 following distribution of the proposed dividend in Cermaq to be approved 21 May 2013. The share price of Cermaq on 30 April 2013 closed at NOK 86.
Launch and completion of the potential offer is subject to a number of conditions, including the Cermaq shareholders deciding not to continue with the buy-out of Copeinca.
Cermaq has said that it fundamentally disagrees with Marine Harvest’s views as to the merits of the proposed transaction and reiterates that it continues to believe firmly in the strategic rationale for and attractiveness to Cermaq of the Copeinca acquisition.
The statement says that “the process to complete the Copeinca transaction will continue as planned”.
