Cermaq Spurns $1.7B Takeover Bid From Rival Marine Harvest

Law360, New York (May 2, 2013, 4:27 PM EDT) -- Norwegian fish farmer Cermaq ASA on Thursday rejected a $1.7 billion buyout bid from larger rival Marine Harvest ASA, choosing instead to forge ahead with its plans to acquire a Peruvian fishmeal supplier to build up its global business.

The takeover proposal required Cermaq to abandon a previously announced $600 million deal to pick up Copeinca ASA, a move the company has touted as key to its growth and a springboard to new, diversified markets. Cermaq stuck by its rationale in a Thursday statement, saying the...
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