Marine Harvest offers to buy rest of Morpol shares
Marine Harvest has made good on its promise to offer to buy out all remaining shares of Morpol, after buying a controlling interest in the company last month.
Marine Harvest announced this week that it has offered to buy the remainder of Morpol shares at a price of NOK 11.50 (USD 2.07, EUR 1.56) per share. Marine Harvest announced on 17 December 2012 that it had acquired 48.5 percent of Morpol’s shares, as part of a move to acquire the company.
Under Norwegian law, a company that has purchased such a large amount of another company’s shares must make an offer to purchase the remainder. Marine Harvest indicated in December that it would make such an offer.
The offer price represents a premium of 39 percent compared to the closing price of Morpol's shares at Oslo Børs on 14 December 2012, the last trading day before the announcement of the decision to make the offer.
Morpol has from 15 January through 26 February to accept the offer. Marine Harvest said in a statement that the offer is expected to be fully settled around 12 March.