Frøya, Norway-based SalMar’s mandatory tender offer for all the outstanding shares in Norwegian aquaculture firm NTS has concluded with SalMar taking control of almost 93 percent of the shares and voting rights in NTS.
Announcing the preliminary result of the tender offer to Oslo Børs on 21 December, 2022, SalMar said by the conclusion of its offer period, it had received acceptances for a purchase of 50,589,535 shares at a price of NOK 75.48 (USD 7.66, EUR 7.23) per share, representing approximately 40.24 percent of the outstanding shares and votes in NTS. SalMar already owned 66,235,009 shares in the company.
“Based on the preliminary result, SalMar will upon settlement of the offer own a total of 116,824,544 shares, equal to approximately 92.93 percent of the shares and voting rights in NTS,” SalMar said.
By attaining more than 90 percent of NTS shares, the remaining shareholders in NTS are now required to sell their shares to SalMar at the previous tender price. SalMar said the calculation of the number of shares who have accepted the offer is not final and remains subject to adjustment following an ongoing verification process by the receiving agent. Settlement of the offer shall take place no later than two weeks after expiry of the offer period, it said.
Among those selling out to SalMar was Helge Gaso, the owner of Gaso Næringsutvikling, the second-largest shareholder in NTS, who sold his 46.5 million shares for NOK 3.51 billion (USD 356.5 million, EUR 336.3 million).
During the deal, Arctic Securities acted as financial advisor to SalMar, while Advokatfirmaet BAHR acted as its legal advisor.
SalMar’s acquisition of the outstanding shares in NTS finalized its merger with Norway Royal Salmon (NRS). Through the deal, SalMar absorbs all assets, rights, and obligations of NRS, and NRS will be dissolved.
Currently, the SalMar group’s business operations include salmon farms in central and northern Norway, and Iceland, as well as Norwegian harvesting and secondary processing operations at InnovaMar in Frøya, InnovaNor in Senja, and Vikenco in Aukra. In addition, the company has offshore aquaculture operations through the company SalMar Aker Ocean, and owns 50 percent of the shares in Scottish Sea Farms.
Photo courtesy of SalMar