Cermaq Offers $600 Million to Acquire Copeinca in Expansion
The company secured control of more than 50 percent of the shares and will make a voluntary offer for the remainder, Cermaq said in a statment today. The offer of 59.7 kroner a share was accepted by shareholders holding 22.7 million stocks and will be paid 40 percent in cash and 60 percent in shares.
“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” Chief Executive Officer Jon Hindar said in the statement.
The combined company is expected to benefit from annual synergies in the range of 250 million kroner to 270 million kroner and the deal is expected to be “accretive” to earnings per share in 2013, the company said. Copeinca had sales of $314 million last year and operating profit of $75 million.
Cermaq also purchased 11.7 million Copeinca shares through a directed issue of new shares, as well 852,993 Treasury shares, giving it control of 50.7 percent of the share capital.
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