Norwegian government accepts buyout offer

By

SeafoodSource staff

Published on
October 20, 2014

The Norwegian government has agreed to the offer from Mitsubishi Corp. to buy out Cermaq, and the salmon farmer also announced a collection of corporate offers and members of the company’s board of directors have accepted the offer.

The Ministry of Trade, Industry and Fisheries announced today that it would accept the terms of the 22 September offer by Mitsubishi to buy Cermaq at a price of NOK 96 (USD 14.62, EUR 11.43) per share. The government holds 54,731,604 of Cermaq’s shares, representing 59.17 percent of the company.

Meanwhile, Cermaq posted an announcement on its website listing 16 of what it called “primary insiders” at the company who will also sell their stake in the company to Mitsubishi under the same terms. The list included Rebekka Herlofsen, chairman of the board of directors, CEO Jon Hindar and Thomas Palm, the company’s finance director.

The buyout offer adds up to approximately NOK 8.9 million (USD 1.4 million, EUR 1.1 million). While none of the selling parties issued any statement other than indicating they would accept the offer, Herlofsen said on 22 September when news of the offer first emerged, “Mitsubishi Corporation represents a strategic and industrial fit by strengthening Cermaq's presence and reach in the important Asian markets. Together, Cermaq and Mitsubishi Corporation will become the world's second largest salmon farming company, set for further sustainable growth.”

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