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OSLO (Reuters) - Japan's Mitsubishi Corp 8058.T made a $1.4 billion (856.82 million pounds) agreed bid for Norwegian fish farmer Cermaq CEQ.OL on Monday, offering a 14 percent premium to the current share price and winning over the government, which controls a 59-percent stake.
The Japanese trading house offered 96 crowns ($15.12) per share, above the stock's close of 84 crowns on Friday, winning unanimous support from the company's board, which last year successfully fought off a bid by Marine Harvest MHG.OL, the world's biggest fish farmer.
The Norwegian government said it reserved the right to a higher bid from another investor.
"It looks attractive, this looks like a good deal for Cermaq's shareholders," Nordea Markets analyst Kolbjoern Giskeoedegaard said.
Cermaq fought off Marine Harvest's hostile offer after the government raised its stake to 59 percent from 43.5 percent and Cermaq sold a coveted subsidiary to a private equity buyer.
Its shares have risen 42 percent since the start of the year, outperforming a 12 percent rise in the broader market .OBX, driven by high fish prices, limited supply growth and strong demand from health-conscious consumers.
But the market has soured in recent months, due in part to Russia's import ban and Chinese restrictions, and Cermaq cut its output forecast on Monday and warned that its third-quarter would be weaker than expected.
The firm now sees full-year sales volume at 151,000 tonnes, below a previous forecast of 158,000 tonnes. (1 US dollar = 6.3473 Norwegian krone)
(Reporting by Balazs Koranyi, editing by Terje Solsvik and Louise Heavens)