Cermaq Blasts $1.7B Marine Harvest Bid, Eyes Asset Sales

Law360, New York (June 10, 2013, 3:48 PM EDT) -- Norwegian fish farmer Cermaq ASA on Monday encouraged its shareholders to vote down a $1.7 billion hostile takeover by outsize rival Marine Harvest ASA, saying it was pursuing piecemeal asset sales as an alternative to the offer.

Under the deal's terms, Cermaq shareholders would receive an $18.38-per-share cash-and-stock payout, representing a nearly 25 percent premium over Cermaq's close on April 29, the day before the companies went public with Marine Harvest's bid.

On Monday, Cermaq reiterated its belief that the consideration undershoots its true value and...
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