NTS increases NRS take-over bid to €1bn

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New development paves the way for a sharp jump in share price.

Helge Gåsø and NTS have so far received a rather meager catch of shares in the ongoing takeover process of fish farming competitor Norway Royal Salmon (NRS).

Now the strategy is changing.

Increase
NTS has entered into an agreement to purchase a total of 378,883 shares in NRS at NOK 240 per share. Of the shares, a total of 95,529 shares acquired from related parties of general manager Harry Bøe in NTS, and 39,384 shares acquired from Chairman Odd Reidar Øie and related parties.

NTS thus owns directly and indirectly – taking into account previous share purchases from Gåsø Næringsutvikling and shares acquired in the market in the offer period – a total of 36.9 per cent of outstanding shares and voting rights in the company.

New Deadline
As a result of the recent purchase at NOK 240 per share, the price in the mandatory offer will be increased accordingly. Shareholders in the company who have already accepted the offer will also be favored by the increase of bid, NTS said in a stock exchange announcement on Wednesday night.

The change also means that the acceptance period is extended by ten days, until August 26.

Wednesday afternoon the stock exchange trade in NRS ended on a share price of NOK 209. The new development facilitates a powerful jump in the course as soon as the stock exchange rings in today’s trade Thursday morning.

All Time High for the NRS share was reached in early January last year – at NOK 249.60.

Illustration: Infront