PE Firms Bid $1.1B For Cermaq Unit, Jeopardizing Buyout

Law360, New York (June 17, 2013, 2:31 PM EDT) -- A pair of private equity firms on Monday lobbed a $1.1 billion bid for the flagship fish-feed unit of Norwegian fish farmer Cermaq ASA, threatening hostile takeover plans that would give Marine Harvest ASA the entire company for $1.7 billion.

The offer for Cermaq's EWOS division, set forth by units of Altor Equity Partners and Bain Capital LLC, is “sufficiently interesting” for the company to nail down terms and push ahead toward a July sale, it said.

A purchase hinges on the buyers' debt financing plans,...
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