Marine Harvest chairman sends open letter to Cermaq chareholders –

Marine Harvest chairman sends open letter to Cermaq chareholders Published:  08 May, 2013

Marine Harvest has sent an open letter to the shareholders of Cermag, following its announcement that it intends to present an alternative to the acquisition of the Peruvian fish meal company Copeinca.

But the Marine Harvest bid has been rejected by Cermaq’s board, which believes the offer “significantly undervalues Cermaq and does not reflect the synergies that Marine Harvest underlines”.

Cermaq’s acquisition of Copeinca is to be considered at the Cermaq AGM on May 21 and is to be finance through the issue of new Cermaq shares.

Chairman of Marine Harvest Ole-Eirik Lerøy said in the letter to Cermaq shareholders: “Marine Harvest have stated that we believe that it would be better to combine Cermaq and Marine Harvest in order to create a world leading, Norwegian seafood company.

“We believe that the value of the Cermaq Share is higher than reflected in its historical trading and are prepared to make an offer of NOK 105 for each Cermaq share.

“The offer prices will be reduced to NOK 104 per share if the proposed NOK1 dividend per share is resolved at the Cermaq annual general meeting.

“Half of the consideration will be settled in shares and half in cash. As a result Cermaq’s shareholders are offered a significant and imediate uplift, in addition to driect participation in the value creation in the combined company.”

For the full letter click here: