As the NTS breakaways own just over 50 per cent and Helge Gåsø 37 per cent, the offer is mainly aimed at Gåsø’s shares.
Analyst Knut-Ivar Bakken of Sparebank 1 Markets believes that there are four possible outcomes, of which the first two are the most probable, according to Finansavisen.
Control
The group submits a bid, receives some shares, but not sufficient to gain control. The company continues as today, with limited liquidity in the share. The group will take full control of the board and Gåsø will have limited influence.
Gåsø sells his shares, receives NOK 4.9 billion (€490 million) in cash and possibly an agreement so that Gåsø gets the shares in Frøy. The group will have over 90 per cent control and can forcibly redeem the other shareholders. The company is delisted.
The parties reach an agreement so that Gåsø joins in in one form or another. Then the combination will exceed 90 per cent and the company will be delisted.
Gåsø manages to come up with a competing bid.
Knut-Ivar Bakken doubts that the offer of NOK 105 per share is interesting enough for industry tycoon Helge Gåsø.
In the back seat
“I’m not sure if it’s enough for Gåsø. Basically, I do not think it holds, but at the same time Gåsø can really end up in the back seat here, and then NOK 4.9 billion (€490 million) is not a consolation prize,” Bakken said to Finansavisen.
The NTS share is trading on Tuesday morning at NOK 109, which indicates that the market is pricing in competing bids.
SalmonBusiness has not succeeded in getting a comment from Gåsø.
