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Norway Royal Salmon CEO Charles Høstlund - the company is now considering a revised offer from NTS
Norway Royal Salmon CEO Charles Høstlund - the company is now considering a revised offer from NTS

Norway Royal Salmon is considering an increased bid by aquaculture group NTS, which has upped its offer for the Norwegian salmon farmer by 14% to more than NOK 10 billion.

Following a recommendation by the NRS board to reject the previous proposal by NTS this week, NTS agreed to acquire in total 378,883 shares at NOK 240 per share, up from NOK 209 a share.

The deadline for acceptance has been extended until 26 August at 16:30 (Norwegian time).

Share swap

Aquaculture, wellboat, shipping and service vessels company NTS, parent company of another salmon farmer, Midt-Norsk Havbruk, acquired 14.45% of NRS in a share swap with fish farmer Måsøval in June.

That took the NTS stake and the 3.72% shareholding owned by NTS’s largest owner, Helge Gåsø, to a total of 34.57%, which triggered a mandatory offer obligation on all NRS shares that are not owned by NTS, Midt-Norsk Havbruk or Gåsø’s holding company, Gåsø Næringsutvikling.

In acquiring NRS, it would become one of Norway’s biggest salmon farmers, with an estimated production of 100,000 tonnes in Norway over a three to five year period.

In a statement yesterday, NRS said: ‘The board of directors will assess the revised offer together with its advisers and make a statement with respect to this offer in due course.

‘The evaluation of strategic options announced on 21 July 2021 will continue. Shareholders are encouraged to in any event refrain from accepting the revised offer until the very end of the extended acceptance period (26 August 2021).’