Norway's Cermaq rejects hostile bid from Marine Harvest

OSLO Wed May 1, 2013 11:54pm EDT

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OSLO (Reuters) - Salmon firm Cermaq (CEQ.OL) rejected a $1.7 billion hostile takeover bid from Marine Harvest (MHG.OL), the world's biggest fish farmer, saying it undervalued the company and came with unacceptable conditions.

Cermaq will now go ahead with its own $732 million bid for Peruvian fishmeal firm Copeinca COPE.OL as it would better serve the firm than accepting a lowball bid, it said in a statement on Thursday.

(Reporting by Balazs Koranyi; Editing by Ken Wills)

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