Shareholder group makes cash offer for all outstanding NTS shares

Published on
January 18, 2022
A company owned by NTS shareholders has made an offering to purchase all outstanding NTS shares.

A company owned by shareholders in NTS ASA that represents more than 50 percent of the shares in the Norwegian aquaculture group has announced its intention to make a voluntary cash offer to purchase all of the outstanding shares for NOK 105 (USD 12.00, EUR 10.52) per share.

The offer values ​​NTS’s equity at NOK 13.2 billion (USD 1.5 billion, EUR 1.3 billion), representing a 13 percent premium on the closing price for its shares on 14 January 2022, and an 18 percent and 17 percent premium respectively on the volume and weighted average NTS share price of 30 and 90 trading days up to and including 14 January.

According to an Oslo Stock Exchange notice, the rationale for the offer is to seek to protect and further develop share value ​​in NTS by continuing to explore alternatives for its shareholders, including selling the shares. The shareholders further wish to improve its corporate governance, the notice states.

It also advises that the offer price shall be reduced accordingly by the distribution of dividends or other distributions from the company between 14 January, 2022, and settlement of the offer.

An offer document will be prepared containing the terms and conditions for the offer in accordance with Chapter 6 of the Securities Trading Act, and the offer will be submitted after review and approval by the Oslo Stock Exchange. The offer document will be distributed to NTS shareholders as soon as practicable after Oslo Børs' approval. The offer period will then run for four weeks, with the possibility of an extension.

The shareholders consist of Terboli Invest AS (formerly Vite Invest AS), Nils Williksen AS, Haspro AS, Rodo Invest AS, Vikna Invest AS, Andvari AS, Bergpro AS, Dolmen Invest AS, E.R. Dolmen Invest AS, Guntvedt Holding AS, Hans Martin Storø, Leif-Oskar Olsvik, Linn-Karin Olsvik, Torbjørn Olsvik, H.G. Dolmen Invest AS, and Emilsen Fisk AS.

Carnegie AS is the financial advisor and Advokatfirmaet Thommessen AS is the legal advisor to the shareholder company.

Photo courtesy of NTS ASA

Contributing Editor reporting from London, UK

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