NTS bids €883 million for NRS

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NTS offers to buy all shares in Norway Royal Salmon for NOK 209 per share.

NTS does not want to sell down in NRS and has decided to bid for all shares at NOK 209 each.

“NTS has a stated goal of being an active participant in the production of 100,000 tonnes of salmon in Norway over a three to five year period. Rather than divest from NRS, we seek to increase our exposure to Norwegian aquaculture, in a company well positioned for further growth,” said Chairman of the Board Odd R. Øie in a press release.

Bidding obligation
The mandatory bid was triggered when the company previously entered into agreement between NTS’ wholly owned subsidiary Midt-Norsk Havbruk (MNH) and Måsøval for the sale of Ice Fish Farm, completed in June.

NTS is offering a price of NOK 209 per share. This corresponds to the highest price paid or agreed by NTS or consolidated parties in the six months before the mandatory bid obligation entered into force.

NRS shareholders must say yes or no to the offer no later than August 16th.

NRS aims to harvest a total of 52,000 tonnes of salmon this year, of which 40,000 tonnes are produced in Norway. NRS also owns 50.3 per-cent of Arctic Fish, which produces salmon on the north-west coast of Iceland.

Fusion
In June, NTS and Salmonor’s boards agreed to merge the aquaculture companies MNH and Salmonor. The combined company has a total 2021 harvest volume of about 37,000 tonnes.

The implementation of the Måsøval agreement in June entailed a settlement in shares in NRS. This gave NTS control over 30.84 per-cent of the shares and votes in NRS.

At the same time, board member and largest owner of NTS Helge Gåsø, owned 3.72 per-cent of NRS shares through Gåsø Næringsutvikling. The total ownership of 34.57 triggered a mandatory bid obligation on all NRS shares that were not owned by NTS, MNH or Gåsø Næringsutvikling.

The group was obliged to either make an offer to buy the remaining shares in NRS, or sell down, within four weeks.

Gåsø Næringsutvikling will sell its ownership interest to NTS at the same price offered to other NRS shareholders.