A major shareholder of Norway Royal Salmon (NRS) has dismissed Friday’s offer from NTS to acquire the remaining shares in the salmon producer, as “far too low.”

On Friday morning, Norwegian aquaculture giant NTS announced it is offering NOK 209 (€20.10/$23.80) per share for the remaining shares in Norway Royal Salmon, corresponding to a NOK 9.2 billion (€884.6 million/$1 billion) bid.

The stock market responded by sending NRS’s share price up to NOK 208 (€20/$23.60). The offer came a day after the share price was NOK 169.2