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Aker ASA Proposes Merger with Aker BioMarine ASA


Wednesday, 12 Sep 2012 02:03am EDT 

Aker ASA announced that the Company has proposed a merger with Aker BioMarine ASA. This comes as a result of an offer made by the company's second- largest owner, AXA Investment Managers (AXA) to sell its shareholding in Aker BioMarine ASA to the Company. The Company owns 1,010,130,905 shares in Aker BioMarine ASA, equaling 86.13% of the outstanding shares and votes in Aker BioMarine ASA, through its wholly-owned subsidiary Aker Seafoods Holding AS (AKSH). AXA holds 57,908,675 shares, equaling 4.94% of the outstanding shares and votes in Aker BioMarine ASA. The discussions between the Company and AXA have resulted in the Company proposing a merger between AKSH, as the transferee company, and Aker BioMarine ASA, as the transferor company, where the minority shareholders in Aker BioMarine ASA, AXA included, shall receive shares in the Company as consideration. The merger terms are based on Aker and Aker BioMarine ASA'a closing share prices on the last day of trade on Oslo Stock Exchange prior to the announcement of the merger proposal (as of September 11, 2012), and a premium of 17% over the closing share price of Aker BioMarine ASA on the same day. The conversion rate is premised on a price of NOK 1.20 per share for Aker BioMarine ASA, and a price of NOK 185 per share for the Company. 154.2 shares in Aker BioMarine ASA thereby give 1 share in the Company. The Extraordinary General Meetings in AKSH and Aker BioMarine ASA are scheduled to be held in November 2012. 

Company Quote

224.0
-4.0 -1.75%
10:25am EDT