0N0K Scottish Salmon Company Plc

 
TIDMSSC 
 
 
 
   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 GBP517 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 
 
   https://www.globenewswire.com/Tracker?data=AasSmItdqxjeLdQ1SNNmlySOXAPiRBo8MFHUFiGxXXdUIhvusd08WJ86UYtH7Rgg1Y2DMULCWR8CE_LJ__uEapoYeHOFeZnpEfELZlxiMvg= 
su.cox@scottishsalmon.je 
 
   Media relations 
 
   Buchanan, Ben Romney or Toto Berger 
 
   https://www.globenewswire.com/Tracker?data=B1XEODCV7iFpa0njaPmX30cpB68lL9ulQWp7fA3aTeGVYIR2IIw9TgVcKARTLx27rJAbHj_0CA_VcavjQn2qC1x0BOUacC-T29S1o2mMLtg= 
SSC@buchanan.uk.com 
 
   +44 (0)20 7466 5000 
 
   https://www.globenewswire.com/Tracker?data=1Zx_EWC7zCP38GxgSMfaNGEsvexLL5bI3A8vtSx-JA_B2pd6-3wxM40zPHBd4LffkCE5eJ1WzBgXHJv7AgP8INECwuP4HB3HVSd6ivDJ9y8= 
www.scottishsalmon.je 
 
   This information is subject to the disclosure requirements pursuant to 
Section 5-12 of the Norwegian Securities Trading Act. 
 
 
 
 
 
 

(END) Dow Jones Newswires

September 25, 2019 12:42 ET (16:42 GMT)

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