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Cermaq CEO Jon Hindar stated the purchase will contribute for his firm to gain global market position. (Photo Credit: Cermaq/FIS)

Cermaq to secure control of 50.7pc of Copeinca

  (PERU, 4/5/2013)

Cermaq ASA has reached an agreement to acquire 50.7 per cent of shares in Copeinca ASA and will make an offer to acquire all the remaining ones of the Peruvian firm for NOK 59.70 (EUR 7.99) per share.

The offer values the entire share capital of Copeinca at NOK 3.5 billion (EUR 468.7 million) before factoring in the Private Placement and NOK 4.2 billion (EUR 562.4 million) including it.

"This transaction, when completed, will strengthen Cermaq's position as an integrated marine protein company with a significant global market position in marine raw materials which are essential for the salmon industry," said Cermaq CEO Jon Hindar.

Following China Fishery Group Limited’s (CFGL) intended offer for all shares in Copeinca, the board of directors of Copeinca and its advisors conducted an extensive review of all available options to maximize value for their shareholders. That is when the Board announced that Cermaq ASA had entered into a transaction agreement with Copeinca.

Per the Transaction Agreement, Cermaq has entered into an irrevocable purchase agreement to acquire 23,005,603 shares in Copeinca at NOK 59.70 (EUR 7.99) each from Dyer Coriat Holding SL, Weilheim Investments SL and other shareholders, representing 32.8 per cent of all issued and outstanding shares of Copeinca.

Further, Cermaq has acquired 852,993 treasury shares in Copeinca at NOK 59.70 (EUR 7.99) each from Copeinca Pesquera Inca SAC (a wholly-owned subsidiary of Copeinca). Besides, it subscribed and was allocated 11,700,000 new shares in Copeinca at the same price. These proceeds will go to boost Copeinca's financial structure and growth, as well as to improve its long-term product offerings.

Cermaq will launch a voluntary offer to acquire the remaining shares in the Company at the same offer price late this month with the offer period expected to expire on or around 27 May, and tentative settlement in late June.

The offer price of NOK 59.70 (EUR 7.99) per share represents a premium of 10.9 per cent to the offer price of NOK 53.85 (EUR 7.99) per share in the voluntary offer launched by CFGL on 13 March, and a 55.8 per cent premium to the closing price of the Copeinca share on 22 February and a premium of 42.8 per cent to the closing price on 25 February.

The Board has resolved to recommend Cermaq’s offer to Copeinca's shareholders and will publish a formal statement supporting it.

Related articles:

-
Copeinca reassures stakeholders in light of China Fishery's announcement
-
Copeinca sets China Fishery offer straight

By Natalia Real
[email protected]
www.fis.com


Information of the company:
Address: Calle Francisco Graña 155, Urb. Sta. Catalina
City: Lima
State/ZIP: (Lima 13)
Country: Peru
Phone: +51 1213 4000
Fax: +51 1213 4034
E-Mail: [email protected]
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