Marine Harvest Lobs $1.7B Takeover Bid At Rival Cermaq

Law360, New York (April 30, 2013, 3:02 PM EDT) -- Marine Harvest ASA, the Norwegian fish-farming outfit owned by oil tycoon John Fredriksen, said Tuesday it would pay 9.7 billion kroner ($1.7 billion) for rival Cermaq ASA, provided the target drops plans to seal a separate acquisition of its own.

Under the proposed terms, Marine Harvest would provide Cermaq shareholders an evenly split cash-and-stock payout worth 105 kroner per share — roughly a 22 percent premium over the company's Monday close. Marine Harvest said it would issue $458 million in five-year bonds to help finance its...
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