Aker BioMarine and Aker have announced a proposed merger between the two companies after attempts to sell it fell flat.
Aker BioMarine announced on 12 February that the company appointed financial advisors Jefferies and Houlihan Lokey to support exploring alternatives for its Human Health Ingredient business. Following that announcement, the company and its advisors conducted pre-marketing efforts and began exploring options.
In its latest announcement, Aker BioMarine said that despite several discussions, little progress has been made.
“The most advanced indications received by Aker BioMarine included deferred and uncertain earn-out arrangements, and further discussions did not result in a proposal that adequately reflects the market opportunity ahead,” the company said. “Based on the process held so far in 2026, it seems unlikely that better offers will become available during a continued process later this year.”
In light of the company not receiving sufficient offers, Aker said its subsidiary Aker Capital was launching an optional cash offer to acquire all outstanding shares in Aker BioMarine. At the time of the announcement, Aker Capital owned 77.67 percent of all shares in Aker BioMarine.
“A private ownership setting is expected to provide greater flexibility to pursue long-term operational and strategic initiatives,” the company said.
The board decided on an offer of NOK 105 (USD 10.88, EUR 9.51) per share, which it said “represents attractive value for shareholders.”
“The valuation reflects the outcome of an extensive market process and discussions with multiple strategic and financial parties. Having assessed the available alternatives, the Board concluded that the proposed transaction offers the best combination of value, certainty, and executability,” the company said.
When the company first started its strategic review, the share price of the company was NOK 43 (USD 4.45, EUR 3.89).
On 17 July, the company said Aker Capital acquired 933,110 shares of Aker BioMarine, bringing its total holdings to 69,065,940 shares.
“The board has carefully considered all available alternatives and concluded that the merger represents the best available option for the company and its shareholders,” Aker BioMarine Chair Ola Snøve said.
The companies said the agreement is a statutory merger which would see Aker BioMarine wholly owned by Aker to continue its development in a private setting.
“It offers attractive value, a high degree of transaction certainty, and the choice between full cash consideration and continued exposure to Aker," Snøve said.
