The Oslo Stock Exchange has placed its stamp of approval on Norwegian fish farming giant Marine Harvest’s offer to buy out its competitor, Cermaq.
Marine Harvest made its intentions to buy a controlling interest in Cermaq after Cermaq’s annual meeting last month, in which shareholders voted not to pursue a takeover bid for Peruvian fishmeal and fish oil company Copeinca. Marine Harvest had stipulated its offer to buy Cermaq was conditional on Cermaq abandoning the Copeinca bid.
But Cermaq executives have said the company is not interested in selling, either, prompting Marine Harvest to try to sweeten its deal. Right now, Marine Harvest is offering 8.6 shares in Marine Harvest in addition to NOK 53.25 (USD 9.19, EUR 7) in cash per share in Cermaq.
Marine Harvest’s offer document went public today, beginning the offer period. Cermaq shareholders have until 21 June to decide whether they will accept the offer.
If Cermaq does sell, the deal is expected to be finalized next month.
