Copeinca declines China Fishery offer

By

SeafoodSource staff

Published on
May 22, 2013

The Board of Directors (the "Board") of Copeinca ASA ("Copeinca" or the "Company") wishes to provide an update on the current situation with respect to the voluntary offers for the Company.

On 23 May 2013, the Board of Directors of Cermaq ASA ("Cermaq") announced that Cermaq (i) withdraws its current voluntary offer for Copeinca (ii) will not accept the current offer for Copeinca from China Fishery Group Limited ("CFGL") and (iii) will support an initiative by Copeinca to solicit interest from parties interested in Copeinca to maximize shareholder value.

As per the announcement by CFGL on 11 May 2013, the CFGL offer for Copeinca at NOK 59.70 per share will expire at 21:00pm CET on 23 May 2013. The Board notes the announcement by CFGL on 21 May 2013 which states that CFGL's 50.1 percent acceptance condition remains, and that in the event the current offer should be unsuccessful, CFGL intends to make a new offer and will also consider increasing the offer price above NOK 59.70 (USD 10.24, EUR 7.91) per share.

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