Marine Harvest changes conditions on Cermaq offer15 May, 2013 –
Following the positive reaction from private shareholders of Cermaq to its hostile take-over bid, Marine Harvest has said it will remove the previously announced condition that its bid for Cermaq will require acceptance for the sale of the government’s shares.
Marine Harvest has made it clear that the condition for launching such an offer is that the Annual General Meeting of Cermaq turns down the proposals relating to the Copeinca transaction.
The global fish farming company says it will implement a condition of acceptance from 33.4 per cent of all shareholders. Marine Harvest sees it as unfortunate if the Norwegian government’s previously announced support of the Copeinca transaction should prevent other Cermaq shareholders from considering a bid for the company.
In a statement on line Marine Hravest said: If the annual general meeting of Cermaq votes down the Copeinca transaction, the private shareholders will be able to consider, accept and have settled an offer from Marine Harvest, without reference to the actions of the Government.
If the annual general meeting votes in favour of the Copeinca transaction, Marine Harvest will divest its shares in Cermaq and focus on its further organic development.
Prior to the announcement 30 April, Marine Harvest was informed that the board of Cermaq, the Norwegian Government and the Norwegian State Pension Fund had all entered into legal agreements committing them to support the Copeinca transaction.
The Norwegian Parliament has in a resolution of 14 May approved the proposal of the government to vote in favour of the Copeinca transaction. This should be read in the context of the above; and is in line with the requests the government has made in order to be able to fulfill its prior obligations.