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NOCC reaffirms JP Morgan, Klaveness bid position

NOCC reaffirms JP Morgan, Klaveness bid position
After seeking independent advice, NOCC has reaffirmed its advice to shareholders to not accept a recent takeover bid.

ABG Sundal Collier acted as financial advisor to the firm in connection with a voluntary offer from a JP Morgan and Klaveness JV for the remaining shares in the car carrier.

Accepting that the offer may represent a favourable opportunity for liquidity for some investors, the company stated that, "based on an overall assessment of all the information available to the board, including the fairness opinion from ABG Sundal Collier, the board is of the opinion that the offer is inadequate.

"The board has therefore unanimously resolved not to recommend the offer," a company release stated.

The company's ceo, Engebret Dahm, is yet to decide whether he will accept the offer for his 249,600 shares, but two other board members have declared that their combined 25m shares will not be sold.

The board added that he offerer has no current plans to make changes to the workforce, and that the offer should not have "legal, economic or work-related consequences for the employees in the company."