Marine Harvest Scraps $1.7B Cermaq Offer Amid Weak Support

Law360, New York (June 21, 2013, 2:34 PM EDT) -- Norwegian fish farmer Marine Harvest ASA on Friday dropped its $1.7 billion hostile takeover bid for smaller competitor Cermaq ASA in the face of tepid shareholder support and a looming rival offer backed by private equity firm Bain Capital LLC.

The move puts an abrupt end to a showdown between the two fish farmers that traces nearly two months. Each had staunchly defended its position and rationale, driving up share prices on the belief that Marine Harvest would ultimately boost its offer to woo Cermaq's board...
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