Akva Group moves a step closer to stock market exit
The condition of a minimum of 90% acceptance has been met for the recommended voluntary offer to shareholders.
Global aquaculture supplier Akva Group refers in a stock exchange announcement to the cash offer from Pontos Bidco AS, which is a Norwegian limited liability company indirectly owned by Yanmar Holdings Co., Ltd. to purchase all issued and outstanding shares in Akva Group ASA for NOK 161 per share.
Pontos Bidco has now received acceptances from Akva Group’s shareholders for 33,584,769 shares, corresponding to approximately 92.06% of the company’s issued and outstanding share capital and voting rights.
“Subject to ordinary control of received acceptances, this means that the implementation condition of (minimum acceptance) has been met,” the stock exchange announcement states.
Approval from the Norwegian Competition Authority and approval related to foreign direct investments in the United Kingdom are now pending.
Compulsory redemption
As previously announced, Pontos Bidco intends to carry out a compulsory redemption of the remaining shares in Akva Group, provided that the voluntary offer is completed and it subsequently become the owner of more than 90% of all issued shares and voting rights in Akva Group. Subsequently, as previously communicated, Pontos Bidco also intends to take measures to delist Akva Group’s shares from Euronext Oslo Børs.
Norway-headquartered Akva Group has several branches in its home country, plus branches in Inverness, Scotland; Denmark; the west and east coasts of Canada; Chile; Spain; Greece; Turkey; and Tasmania, Australia.
Yanmar, headquartered in Osaka, Japan, is best known in aquaculture for its marine diesel engines. Its diversified operational portfolio includes large commercial marine and land-use engines, marine propulsion systems for recreational and light-duty commercial applications and related accessories, energy systems, industrial engines, agricultural machinery, compact construction equipment, and components.
