SalMar ASA (OB:SALM) made an offer to acquire NTS ASA (OB:NTS) from a group of shareholders for NOK 15.1 billion on February 14, 2022. As per the transaction SalMar ASA will pay NOK 24 in cash and 0.143241 shares in SalMar ASA. Haspro AS, Vikna Invest AS, Andvari AS, Bergpro AS, Dolmen Invest AS, E.R. Dolmen Invest AS, Leif-Oskar Olsvik, Linn-Karin Olsvik, Torbjørn Olsvik, H.G. Dolmen Invest AS and Emilsen Fisk AS, which together own approximately 23.6% of the shares in NTS ASA, have pre-accepted the offer for all the shares they own. As of March 17, 2022, SalMar has received irrevocable pre-acceptances of the Offer from shareholders which together own 62,985,376 shares in NTS equaling approximately 50.1% of the shares in the Company. This means that SalMar has received pre-acceptances for a number of shares that exceeds the minimum acceptance condition in the Offer. As of February 16, 2022, Nils Williksen AS, TerBoLi Invest AS and Rodo Invest AS, which together own approximately 26.5% stake in NTS ASA pre-accepted the offer. The transaction is subject to Minimum acceptance, regulatory approvals and consummation of due diligence. The offer document will be distributed to the NTS shareholders as soon as possible after the required regulatory approval has been granted by the Oslo Stock Exchange, which is expected no later than of March 31, 2022. As of March 28, 2022, the Board of Directors of Norwegian seafood company NTS has recommended that shareholders accept Salmar takeover bid. As of March 29, 2022, SalMar announced an extension of the offer period of the Offer until April 29, 2022, and as a consequence of the extension, the settlement of the Offer may be postponed correspondingly.

As of April 29, 2022, minimum offer acceptance condition fulfilled, as per preliminary result, the offeror received acceptances of the offer for a total of 66,228,641 shares, representing approximately 52.68% of the outstanding shares and upon completion will make it a subsidiary. As of July 15, 2022, the transaction got approved by The Norwegian Competition Authority. Completion of the offer is subject to the fulfilment or waiver by the offeror of the remaining conditions and will be settled no later than two weeks after the date on which the offeror has issued such notification. The offeror has a right of squeeze out. As of July 15, 2022, SalMar ASA holds owns no shares in NTS. The Offer will commence on March 18, 2022 and expire on April 1, 2022. The acceptance period can be extended by SalMar but will not be extended longer than until April 29, 2022.

Arctic Securities AS acted as financial advisor and Advokatfirmaet BAHR AS acted as legal advisor to SalMar ASA and Carnegie AS acts as financial advisor and Advokatfirmaet Thommessen AS acts legal advisor to the shareholders who have pre-accepted or supported the offer.

SalMar ASA (OB:SALM) completed the acquisition of NTS ASA (OB:NTS) from a group of shareholders in November 2022.