Norwegian salmon giant SalMar has launched a voluntary cash offer to acquire all outstanding shares in fellow farmer Norway Royal Salmon (NRS), for NOK 270 (€25.50/$29.80) per share, sparking a takeover battle with NTS.

The offer values the company at approximately NOK 11,764 million (€1.1 billion/$1.3 billion) and represents a 12.5 percent premium on the bid from Norwegian aquaculture giant NTS, which was recently upgraded to NOK 240 (€23.10/$27.20) per share.

Shareholders and board members have so far had a cold response to the offer from NTS, which as of Aug.