The soaring containership market has wrecked a second bid by fish processor Samherji to take over Icelandic container line Eimskip.
Shareholders overwhelmingly rejected an offer for the stock, with only 0.011% of investors accepting.
Samherji now has 30.29% of Eimskip, up from 30.28% before the offer it launched last month.
The fish processor pulled out of an initial takeover bid in April due to the pandemic crisis.
It had made the offer in March after passing the 30% level requiring a mandatory bid, but petitioned the Icelandic financial regulator to be allowed to drop the deal.
"When Samherji increased its stake in Eimskip last month, the company wanted to finalise and honour its mandatory bid obligation towards other Eimskip shareholders, for which an exemption was granted in March this year," said Thorsteinn Mar Baldvinsson, chief executive of Samherji.
Confidence in the company
"The acquisition reflects the confidence we have in Eimskip's operations and the expectations we have for the company. We are pleased that the vast majority of Eimskip's shareholders share that view with us."
He added that Samherji believes Eimskip is well-suited to remain listed on the stock market in Reykjavik, and "we hope to continue our good cooperation with other shareholders in the company".
The Eimskip board had recommended the offer price of ISK 175 ($1.37) per share as fair.
This was above the price at the time, but since then the box markets have rebounded even more strongly, pushing the price up to ISK 235.
Directors said Samherji did not intend to influence core operations or change management.
Eimskip has a market cap of ISK 43.94bn, against ISK 27.9bn when the first takeover bid was made.
The company operates 16 boxships and reefers, plus a ferry. The liner operator is majority-owned by Icelandic pension funds that collectively hold more than 50% of the share capital.
Third-quarter earnings were down at €6.2m ($7.5m) from €7.2m a year ago.
