Dias Aquaculture S.A. (ATSE:DIFF) signed a memorandum of understanding to acquire Selonda Aquaculture AEGE (ATSE:SELO) from Linnaeus Capital Partners B.V., Corinthos Holdings Ltd, Marven Enterprises Company Limited, Vassilios Stefanis, Ioannis Stefanis and other shareholders for €20.3 million in stock on April 4, 2013. Under the terms of agreement, Dias Aquaculture will be the surviving entity in the merger and will be renamed as Selonda Aquaculture S.A. Selonda Aquaculture's shareholders will exchange one existing share of Selonda Aquaculture with 0.69 new shares of the combined entity, and Dias Aquaculture's shareholders will exchange one existing share of Dias Aquaculture with 0.84 new shares of the combined entity. On completion of the merger, combined entity's Board of Directors will consist of 4 members from Dias Aquaculture and 3 from Selonda Aquaculture. The combined entity's Executive Management team will be Ioannis Stefanis as Executive Chairman, Stefanos Manellis as Managing Director, Ioannis Andrianopoulos as Chief Operating Officer and Thanasis Prahalis as Chief Financial Officer. The deal was approved by the Board of Directors of Dias Aquaculture and Selonda Aquaculture AEGE. The deal is subject to approval of shareholders of Dias Aquaculture and Selonda Aquaculture AEGE, approval by Competition Committee and approval by the Ministry of Development, Competition, Infrastructure, Transport and Networks, General Secretariat of Commerce. The deal is expected to be completed by April 30, 2014. If not completed by April 30, 2014, the merger process will cease, unless otherwise agreed by Dias Aquaculture and Selonda Aquaculture AEGE.

Dias Aquaculture S.A. (ATSE:DIFF) cancelled the acquisition of Selonda Aquaculture AEGE (ATSE:SELO) from Linnaeus Capital Partners B.V., Corinthos Holdings Ltd, Marven Enterprises Company Limited, Vassilios Stefanis, Ioannis Stefanis and other shareholders on January 21, 2014. The deal was cnacelled as the deal was let pending for more than 90 days from memorandum of understanding.