Mitsubishi cements Cermaq deal, holds 92.16% in target
SEAFOODNEWS.COM [M&A Navigator] - October 31, 2014 -
Japan’s Mitsubishi Corp (TYO:8058) announced yesterday the settlement of the NOK96.00 (USD14.28) per share offer made by its MC Ocean Holdings Ltd unit for Norwegian salmon and trout farming specialist Cermaq ASA in a deal worth some NOK8.88bn in total on a fully diluted basis.
As a result of the settlement, MC Ocean now holds around 85.2m Cermaq shares, or 92.16% of the outstanding shares and votes. The buyer intends to initiate a compulsory acquisition of the remaining stock and remove Cermaq from the Oslo Stock Exchange. This compulsory acquisition will be carried out early in November, Mitsubishi said.
First announced in September, the deal obtained all necessary regulatory approvals last week. Cermaq, which was majority owned by the state, operates in Norway, Chile and Canada. The business booked NOK5.1bn in 2013 revenues...
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