Copeinca fishing vessels. (Photo Credit: Copeinca)

Copeinca Board recommends accepting Cermaq offer

Copeinca ASA’s Board of Directors is again advising its shareholders to put Cermaq's bid above that of China Fishery Group Ltd (CFGL). The Board considers China Fishery's less valuable although there is certain uncertainty as to Cermaq's offer.

After China Fishery made a public announcement regarding an intended offer for all of the shares in Copeinca, earlier this year, Copeinca’s Board of Directors reported that this proposal was unsolicited and made it public without having first discussed it with them.

Grand Success Investment (Singapore) Private Limited (GSI), fully and indirectly owned by China Fishery, then made an amended voluntary offer to acquire all issued and outstanding shares in Copeinca for NOK 59.70 (EUR 7.86) per share in cash.

The Board has since noted that China Fishery’s bid “only matches” the offer by Cermaq at the same price, yet expires on 10 May rather than on 28 May like Cermaq’s offer and, in addition, is conditional on China Fishery obtaining 50.01 per cent ownership in Copeinca. China Fishery increased its price from NOK 53.85 (EUR 7.09) to NOK 59.70 (EUR 7.86) per share only to match Cermaq’s offer.

“Given that Cermaq controls over 50 per cent of the shares in Copeinca, [this] makes the Cermaq offer the only deliverable alternative” and also “represents a better alternative,” the Board wrote in a statement.

“On this basis, the Board of Directors has concluded not to recommend the shareholders of Copeinca to accept the Offer made by GSI,” the Board asserted.


Related articles:

- China Fishery matches Cermaq's offer to buy Copeinca
- Copeinca reassures stakeholders in light of China Fishery's announcement
- Copeinca sets China Fishery offer straight

By Natalia Real
[email protected]
www.seafood.media

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