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Bakkafrost swallowing last morsel of Scottish Salmon

The Bakkafrost HQ at Glyvrar in the Faroe Islands. The company is embarking on the final phase of its effort to acquire all of the Scottish Salmon Company's shares. Photo: FFE.
The Bakkafrost HQ at Glyvrar in the Faroe Islands. The company is embarking on the final phase of its effort to acquire all of the Scottish Salmon Company's shares. Photo: FFE.

Faroese salmon farmer Bakkafrost ­today announced that it had initiated a compulsory acquisition of the shares in the Scottish Salmon Company PLC that it doesn’t already own.

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The shares represent approximately 4.5% of the total number of shares in SSC PLC, the parent company of the Edinburgh-headquartered Scottish Salmon Company Ltd.

Bakkafrost said shareholders will be offered compensation of NOK 28.25 (£2.45) per share in the compulsory acquisition. This is the same amount as the price paid for the shares in SSC acquired through Bakkafrost’s mandatory offer which closed in December last year.

NOK 240m

The total compensation due from Bakkafrost to the shareholders whose shares are compulsory acquired will be approximately NOK 240 million.

Bakkafrost said the compulsory acquisition process is expected to close in week 9, (February 24-March 1) after which Bakkafrost will have completed the acquisition of all of the shares in SSC.

SSC was Scotland’s second-largest producer of salmon last year, harvesting 33,800 tonnes.

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