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Copeinca ASA Announces Details on China Fishery Group Ltd's Voluntary Cash Offer for All Shares of Copeinca ASA


Tuesday, 26 Feb 2013 02:14am EST 

Copeinca ASA announced that China Fishery Group Ltd (CFGL) announced on February 26, 2013 that it intends to launch a voluntary cash tender offer for all shares of Copeinca ASA. A cash consideration of NOK 53.85 will be offered per share, which implies a total consideration for all shares of NOK 3,150,225,000 (approximately USD 556 million at the date of announcement). The offer price is not subject to adjustment as a result of the Company's proposed dividend distribution of NOK 3.5 per share to be resolved in March 2013. As of the date of this announcement, shareholders representing 14.2% of outstanding shares in Copeinca have on certain terms and conditions undertaken to accept the offer with respect to their shareholdings in Copeinca, shareholders representing 10.8% of outstanding shares in Copeinca have given the Offeror the option to acquire their shares in Copeinca at the offer price. In total the combined level of binding commitments and indicated positive support stands at 41.5% of outstanding shares in Copeinca. The launch of the offer is expected on March 13, 2013. The acceptance period is expected to run from March 14, 2013 until April 12, 2013. The settlement of the offer is expected not later than three weeks after all conditions of the Offer have been met or waived. All conditions are expected to be met/waived on or about April 19, 2013. The Offer will be made by CFGL's indirect subsidiary Grand Success Investment (Singapore) Private Limited (the Offeror). 

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16 Apr 2014