News, Seafood

Marine Harvest seeking solution for Cermaq bid

Marine Harvest is negotiating an exact figure for its bid for Cermaq, and the company has announced its intent to continue to pursuit the bid.

Last week, Marine Harvest announced the news that they intended to make a formal offer for the rival Cermaq. Marine Harvest executives have said their buyout offer for Cermaq would only come after the company abandoned its Copeinca bid. The company’s original offer was to buy more than a third of Cermaq’s shares at a rate of NOK 104, with a 50 %  cash settlement. The move would make Marine Harvest the principal and controlling shareholder in the company.

“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.”

Marine Harvest indicated it would revert to its original offer price if negotiations did not lead to an alternate price “shortly.”

(Source: Seafoodsource.com)