Scottish Salmon Company
(“SSC”)
Result of Strategic Review
Offer by Bakkafrost to acquire majority holding in The Scottish Salmon Company triggering a mandatory takeover of the entire business
Bakkafrost announced today that it has entered into an agreement with Northern Link in order to acquire Northern Link’s 68.6% stake of the shares in The Scottish Salmon Company (SSC), at an acquisition price of NOK28.25 per share.
The successful acquisition of the 68.6% majority stake will trigger a Mandatory Tender Offer for the remaining 31.4% free float in SSC, resulting in SSC being wholly acquired by Bakkafrost for a total consideration of £517 million.
Such transaction will complete the strategic review initiated by SSC’s board of directors. The Board, acting in the interests of all the stakeholders in the business, looks forward to working with Bakkafrost to establish its plans for the enlarged business.
Further communication will be provided in due course.
Robert Brown III, Chairman of the Board stated: “The review had been initiated by the Board and we are pleased with the outcome, reflecting the true value that has been created in recent years. We are proud of what we have achieved and on behalf of the Board, I thank the management team, employees, customers and all stakeholders involved in this exciting journey.”
Craig Anderson, CEO of SSC, said: “The Board of SSC considers this offer to be in the best interest of all shareholders as it realises the material value that has been created after nine successive quarters of growth. The Board initiated the independent Strategic Review in order to assess options to realise value and deliver future growth from the business. The Review has been successful in terms of the volume and quality of the companies that have participated in the process, and has resulted in this acquisition to create a major global salmon farming business.
I’m proud of the way the SSC team has conducted itself under my tenure, and they have all contributed to building a highly successful business that has ultimately become a compelling investment opportunity for Bakkafrost. The management team will now work closely with the new owners of the business to understand its strategic vision and implications for all SSC stakeholders.”
DC Advisory is acting as financial advisor to SSC in relation to the strategic review and Aabø-Evensen & Co Advokatfirma AS and CMS are acting as legal advisors to SSC.
For more information:
Investor relations
Scottish Salmon Company, Su Cox
su.cox@scottishsalmon.je
Media relations
Buchanan, Ben Romney or Toto Berger
SSC@buchanan.uk.com
+44 (0)20 7466 5000
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.