Bakkafrost’s ownership of SSC surpasses 95 percent
The mandatory offer made by Bakkafrost for all of the depositary receipts and outstanding common shares in The Scottish Salmon Company (SSC) expired on 9 December with the Faroese company’s ownership increasing to 95.6 percent.
During the offer period, which began on 11 November 2019, shareholders representing 24,585,445 shares in SSC agreed to sell their shares to Bakkafrost. The offer price was NOK 28.25 (USD 3.07, EUR 2.77) per share.
Settlement of the offer is expected to be on 13 December, 2019.
SSC is the second-largest salmon farming company in Scotland. It produced 29,913 metric tons (MT) of fish in 2018 and 18,463 MT in the first half of this year.
Bakkafrost moved to acquire SSC in September. Company COO Høgni Dahl Jakobsen told SeafoodSource Bakkafrost looked into purchasing SSC because of its manageable scale and location, as well as the shared values between the two companies.
“What we like about SSC is that they have a similar focus on high-quality salmon,” Jakobsen told SeafoodSource in October. “And the Scottish background is, in many ways, comparable with the Faroese, so there is a good cultural fit and there is a good fit with regards to the North Atlantic origin.”