Norwegian salmon farming giant SalMar on Monday submitted a bid for fellow Norwegian aquaculture group NTS for NOK 120 (€11.90/$13.50) per share, outbidding Mowi's previous bid of NOK 110 (€10.90/$12.40) per share.

SalMar has already received advance acceptances of 23.6 percent of the shares.

SalMar's offer is in the form of 20 percent cash and 80 percent SalMar shares, and values the equity capital of NTS at approximately NOK 15.1