EL7.AI
Mergers & AcquisitionsMedium•10 November 2026•
2 min read

Acceptance of 92.06% of AKVA shares exceeds Yanmar’s 90% offer condition

Key Facts

1The offer received acceptances for 33,584,769 shares, representing approximately 92.06% of the share capital and voting rights.
2The minimum acceptance condition of 90% has been satisfied, while the other conditions for completing the offer remain in place.
3The recommended cash offer is NOK 161 per share.
4The offer acceptance period ends on November 20, 2026, at 16:30 Central European Time.
5Pontos Bidco intends to compulsorily acquire the remaining shares after completion of the offer if its ownership exceeds 90% of the shares and voting rights.

AKVA group ASA said on November 9 that shareholders had accepted Pontos Bidco’s cash offer for its shares, representing approximately 92.06% of the issued share capital and voting rights. Acceptances covered 33,584,769 shares, according to the company’s announcement distributed via GlobeNewswire. AKVA said the minimum acceptance condition, set at 90%, had been satisfied, subject to customary verification of the acceptances. This means the threshold required for that condition has been exceeded, but it does not conclude the offer process. The company said completion of the transaction remains subject to the fulfilment or waiver of the other conditions.

Pontos Bidco, indirectly owned by Yanmar Holdings, is offering NOK 161 in cash for each share. The offer was launched on November 6 as a recommended voluntary offer to acquire the outstanding shares in AKVA. The company’s board had unanimously recommended that shareholders accept the offer. An independent expert opinion from PwC also concluded that the offer was financially fair. This gives shareholders a defined cash price in the transaction, while the decision to complete it remains tied to the other closing conditions.

The offer price represents a 57% premium to the dividend-adjusted closing price of NOK 102.5 per share on April 7, 2026. That was the last trading day before AKVA announced on April 8 that it was beginning a strategic review. At the time, the company said it sought to explore alternatives that could reveal its underlying value, following what it described as strong commercial momentum across its segments. AKVA then said its largest shareholders, Egersund Group and Israel Corporation, supported the process aimed at maximising shareholder value. It said Egersund Group owned 51% of the company, while Israel Corporation held 18%.

With acceptances above 90%, Pontos Bidco does not intend to carry out a compulsory acquisition of the remaining shares until after completion of the offer, and only if it then owns more than 90% of the total shares and voting rights. The announcement said the buyer also intends to take steps to delist AKVA shares from the Oslo Stock Exchange. Clearance from the Norwegian Competition Authority remained pending on the announcement date, along with UK foreign direct investment clearance. Regulatory approvals therefore remained among the conditions to be fulfilled or waived before completion of the transaction. The offer acceptance period ends on November 20, 2026, at 16:30 Central European Time.