Only moments after Marine Harvest submitted its latest voluntary offer for Norwegian salmon producer Cermaq, the latter sent a response, saying the offer "significantly undervalues" the company.
Discussions between the two companies on a potential recommended offer have been terminated, Cermaq said in a stock exchange release.
"Certain conditions" had been presented to Marine Harvest for the support of an offer, particularly in relation to the financial terms, and to ensure "broad support" by the board of directors.
Geir Kristiansen, analyst at Sparebank1 Markets, told IntraFish it seems Marine Harvest does not believe in its own bid for Cermaq, adding he is surprised.
"The bid is so low; Marine Harvest probably won't get any support on that," he said.
