Cermaq board reiterates its support for Mitsubishi offer
SEAFOODNEWS.COM [M&A Navigator] - October 13, 2014 -
Norwegian salmon and trout farming specialist Cermaq ASA said today that its board had reaffirmed its recommendation for the USD14.78 per share cash offer by MC Ocean Holdings Ltd, a unit of Japan’s Mitsubishi Corp.
The board believes that the bid, worth some NOK8.88bn in total on a fully diluted basis, is an attractive proposition for the company’s shareholders, Cermaq said.
The Ministry of Trade, Industry and Fisheries, which currently holds 59.17% in Cermaq, said it was prepared to sell its stake in the company. However, it noted it might decide to sell its interest to any other interested buyer with a better offer. Chief executive Jon Hindar and all board members holding shares in the business intend to tender their stock at the price offered by MC.
The transaction is seen as closing in November.
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