Marine Harvest is still negotiating an exact figure for its takeover bid for rival Cermaq, but the company announced today that it intends to continue pursuing its bid.
Marine Harvest announced last week that it would make a formal offer for the company, after Cermaq’s shareholders voted during the company’s annual meeting not to pursue a purchase bid of Peruvian fishmeal and fish oil producer Copeinca. Marine Harvest executives have said their buyout offer for Cermaq would only come after the company abandoned its Copeinca bid.
“In an attempt to find an amicable solution acceptable to all parties, Marine Harvest has conducted discussion with both selected shareholders and the company,” Marine Harvest said in its statement. “These talks have so far not given any conclusion but the parties have agreed to continue the discussions.”
The company’s original offer was to buy more than a third of Cermaq’s shares at a rate of NOK 104 (USD 17.80, EUR 13.77), with a 50 percent cash settlement. The move would make Marine Harvest the principal and controlling shareholder in the company.
Marine Harvest indicated it would revert to its original offer price if negotiations did not lead to an alternate price “shortly.”
