The board of directors of Norwegian aquaculture manufacturer Akva Group have rejected an offer by Egersund Group to buy out the company, according to a statement from Akva.
Egersund’s offer, issued on 20 December 2012, amounted to NOK 290,635,909, or NOK 11.25 per share. The mandatory offer came after the company’s controlling interest grew to slightly more than 50 percent of Akva’s shares on 3 December.
According to Akva, the offer price is “close to the all-time low share price.” In response to the offer, Akva hired Skandinaviska Enskilda Banken (SEB) in Oslo to assess the offer compared to the value of the remaining shares.
“Based on an overall assessment, SEB Enskilda is of the opinion that the offer price does not reflect a fair offer to AKVA's shareholders,” Akva said in its statement.
Akva indicated that “None of the board members or the CEO will accept the offer.”
