China Fishery Group Interest in Copeinca12 April 2013
CHINA and PERU - The China Fishery Group has shown interest in acquiring a significant equity interest in Copeinca. The company has now raised its bid to match Cermaq.
The China Fishery Group has now increased the offer price of the voluntary cash offer from NOK53.85 to NOK 59.70, in order to match the competing bid of NOK 59.70 by Cermaq.
The increase of the offer price will be met through an increase in committed loan facilities and/or use
of internal resources.
Settlement of the voluntary cash offer is expected to take place in early June 2013.
On the 5 April, Copeinca, one of the leading fishmeal and fish oil Producers in Peru, issued 11.7 million new shares to Cermaq.
Further, the offeror has decided to include the 11.7 million new Copeinca shares held by Cermaq ASA in the amended voluntary cash offer, meaning that the offer will now comprise all issued shares of Copeinca less Copeinca shares held by the offeror.
The increase of the offer price may cause the acquisition consideration to exceed the $600 million approved by shareholders at the company’s EGM on 19 March 2013.
TheFishSite News Desk