SSC board approves multimillion transaction.
In a financial statement on Wednesday night, Bakkafrost announced that it had put GBP 517 million on the table, with 68.6% of the shares in The Scottish Salmon Company (SSC) secured.
The successful acquisition of the 68.6% majority stake will trigger a Mandatory Tender Offer for the remaining 31.4% free float in SSC.
Concludes
SSC’s board of directors and administration support the transaction and have initiated a strategic review aimed at the sale of all or part of the company.
SSC Chairman of the Board Robert Brown III stated: “The review had been initiated by the Board and we are pleased with the outcome, reflecting the true value that has been created in recent years. We are proud of what we have achieved and on behalf of the Board, I thank the management team, employees, customers and all
stakeholders involved in this exciting journey.”
SSC CEO Craig Anderson said: “The Board of SSC considers this offer to be in the best interest of all shareholders as it realises the material value that has been created after nine successive quarters of growth. The Board initiated the independent Strategic Review in order to assess options to realise the value and deliver future growth from the business. The Review has been successful in terms of the volume and quality of the companies that have participated in the process and has resulted in this acquisition to create a major global salmon farming business.
I’m proud of the way the SSC team has conducted itself under my tenure, and they have all contributed to building a highly successful business that has ultimately become a compelling investment opportunity for Bakkafrost. The management team will now work closely with the new owners of the business to understand its strategic vision and implications for all SSC stakeholders.”
DC Advisory is acting as financial advisor to SSC in relation to the strategic review and Aabø-Evensen & Co Advokatfirma AS and CMS are acting as legal advisors to SSC.
