The offer involves buying all outstanding shares in NTS for a combination of NOK 24 as cash consideration and 0.143241 shares in SalMar per share, corresponding to a total of NOK 120 per share.
The offer is given from shareholders who own 23.6 per cent of the outstanding shares. Statements of support for the offer are given from shareholders who own 26.5 per cent of the outstanding shares. The shareholders who have submitted prior acceptances and statements of support own a total of 50.1 per cent of the outstanding shares.
SalMar’s bid is 20 per cent in the form of cash consideration and 80 per cent in the form of SalMar shares.
Rationale for the bid for NTS is that the subsidiaries SalmoNor, Norway Royal Salmon (NRS) and Frøy and SalMar have a long career in salmon farming, both in Central Norway, Northern Norway and in the Westfjords in Iceland. A merger will therefore make it possible to realize major synergies from a more efficient utilization of the parties’ common resources, SalMar wrote in a statement.
The merger will facilitate improved capacity utilization of the combined MTB and location portfolio, as well as the implementation of best practices in operations, which in total are expected to provide even better biological results and lower production costs.
The merger will in total strengthen the competence base and production capacity, and prepare the ground for further sustainable growth in the local communities the parties operate in, both in the northern parts of Trøndelag, northern Norway and the Westfjords in Iceland.
The offer represents a premium of 29 per cent above the closing price for the shares on 14 January.