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Marine Harvest May Improve Offer if Cermaq Votes Against Copeinca

22 May 2013

NORWAY - Marine Harvest will launch its offer for all the outstanding shares of Cermaq if the Copeinca transaction is voted down in Cermaq's Annual General Meeting today. The company also stated willingness to improve its offer terms.

Marine Harvest confirmed that it will launch an offer for all of the outstanding shares of Cermaq of minimum NOK 105 per share (including the proposed NOK 1 dividend).

Marine Harvest further confirmed that it would be prepared to improve both the price and composition of the offer in order to find an amicable solution acceptable to all parties. Such a decision is taken based on the positive development in the salmon market as well as the improvement in MHG share price.

The main condition for the offer, however, remains; namely that the Annual General Meeting of Cermaq first turns down the Copeinca transaction.

The offer will be conditional on Marine Harvest following completion of the offer owning at least 33.4 pct of all outstanding shares in Cermaq. Marine Harvest further assumes that the board of Cermaq does not take any active steps to destroy the value of Cermaq by entering into major transactions.

Should the AGM vote approve the Copeinca transaction, the board of Marine Harvest will no longer have an interest in acquiring Cermaq. The Board has in case of such outcome given the management authorisation to divest its current 5.4 per cent stake and will instead pursue other growth opportunities.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

TheMeatSite News Desk

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