After Norwegian seafood farmer Cermaq publicly stated it would reject an offer by rival Marine Harvest to buy it out, Marine Harvest has adjusted its offer in hopes of convincing the shareholders to sell.
The company’s offer came as a surprise to Cermaq, but Cermaq’s board of directors have since issued a joint statement saying the Marine Harvest offer “undervalues” Cermaq. Now, Marine Harvest has offered to reduce the required acceptance level in the increased voluntary offer for Cermaq to 33.4 percent, and the company has put forward the offer without any condition regarding due diligence.
“The Board of Directors in Marine Harvest has received substantial support for its intention to combine the two companies,” Marine Harvest said in a statement.
The offer period will be initiated as soon as the offer document is approved by the Oslo Stock Exchange and available for distribution. The offer period is expected to run from 6 to 21 June.
