Norway-based cod farmer Statt Torsk said Tuesday in a stock exchange announcement that it has received a letter of intent from Norwegian whitefish group Vesteralen Havbruk regarding a potential business merger.

The structure of the merger has yet to be determined, according to the stock market announcement.

The proposal values the equity in Statt Torsk at around NOK 255 million ($24 million/€22 million) and privately held Vesteralen at around NOK 610 million ($57.7 million/€53 million).

The potential transaction may involve a delisting of Statt Torsk shares from trading on Euronext Growth Oslo.