Mitsubishi Corporation, through its wholly-owned subsidiary MC Ocean Holdings Limited, is to launch a voluntary cash offer to acquire the entire issued share capital of Cermaq ASA for NOK 96 (US$15) per share in cash.
The offer values the total share capital of Cermaq at around NOK 8.8m (US$1.37m) on a fully diluted basis. Cermaq’s Board of Directors has unanimously decided to recommend that its shareholders accept the offer.
“The Offer recognises the financial and strategic value of Cermaq and delivers an attractive offer premium to the shareholders. In addition, Mitsubishi Corporation represents a strategic and industrial fit by strengthening Cermaq's presence and reach in the important Asian markets,” said Rebekka Glasser Herlofsen, chair of the Board of Directors, Cermaq.
“Together Cermaq and Mitsubishi Corporation will become the world's second largest salmon farming company, set for further sustainable growth," she added.
The complete details of the offer, including all terms and conditions, is included in an offer document expected to be distributed to Cermaq shareholders during week 39, following approval by the Oslo Stock Exchange.
Mitsubishi Corporation says it will build on Cermaq’s current organisation and employees, and Cermaq’s headquarters will remain in Norway.
