The battle for control of Norway Royal Salmon escalated on Wednesday when the NRS board advised shareholders in the company to reject a buyout offer made just days ago by NTS.

On July 16, Norwegian aquaculture giant NTS announced it was 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 combination of the two groups would create a farmed salmon powerhouse; Norway Royal Salmon alone produced over 50,000 metric tons in 2020.