Faroese salmon farming company Bakkafrost has stepped up its acquisition of The Scottish Salmon Company (SSC) by issuing a mandatory offer for all of the depositary receipts and outstanding common shares in the business.
The depositary receipts and common shares covered by the offer represent 19.23 percent of all of the common shares issued by SSC. Bakkafrost is already the beneficial owner of 80.77 percent of all the common shares of the company's stock, after moving to acquire SSC in September.
The offer price is NOK 28.25 (USD 3.08, EUR 2.80), which is the highest price paid by Bakkafrost for SSC’s depositary receipts and common shares during the last six months.
The offer period commences on 11 November, 2019, and ends at 18:00 CET on 9 December, 2019, subject to possible extensions of up to two weeks.
Settlement of the offer will be made within two weeks from the end of the offer period.
SSC is Scotland’s second-largest salmon farming company, producing 29,913 metric tons (MT) in 2018 and 18,463 MT in the first-half of this year.
Images courtesy of Bakkafrost, Scottish Salmon Company
