Cermaq Gets Competing Bid for Ewos as Bain, Altor Talks Continue
Cermaq ASA (CEQ) received another bid for its Ewos unit to compete with the 6.2 billion-krone ($992 million) offer from Bain Capital LLC and Altor Equity Partners.
While the exclusivity period for Bain and Altor has lapsed talks are “progressing in accordance with agreed and expected timelines,” Oslo-based Cermaq said in a statement today. “In addition, Cermaq has received another competitive indicative bid for Ewos which will be pursued in parallel.”
Cermaq got a bid for its feed unit last month as the company rejected a takeover offer from Marine Harvest ASA (MHG), the fish farming company controlled by billionaire John Fredriksen. Marine Harvest abandoned its bid last month as the Norwegian government increased its shareholding in Cermaq to 59.2 percent.
Cermaq’s fish feed operations contributed operating revenues of 10.3 billion kroner last year, compared with sales of 3.3 billion kroner for its fish farming operations, according to its annual report. Ewos is the world’s largest salmon feed supplier by volume, while its farming unit is the third-largest salmon producer, it said in the report.
“As previously announced, the aim remains to have a definitive agreement for the sale of Ewos executed in mid-July,” Cermaq said today, adding that it has scheduled a an extraordinary general meeting on July 11.
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