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Marine Harvest ASA Announces Willingness To Improve Offer Terms For Cermaq ASA

Tuesday, 21 May 2013 02:56am EDT 

Marine Harvest ASA announced that subject to the Copeinca transaction being voted down in Annual General Meeting of Cermaq ASA, will launch an offer for all outstanding shares of Cermaq of minimum NOK105 per share (including the proposed NOK1 dividend). Marine Harvest further confirms that they could 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% 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 authorization to divest current 5.4% stake and will instead pursue other growth opportunities. 

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23 Dec 2014