JOHN Fredriksen’s investment vehicle Geveran, Wilhelmsen New Energy and Idan Ofer’s EPS Ventures announced on Tuesday that the companies will make an unconditional mandatory cash offer to acquire all shares in Edda Wind at NOK23 ($2.23) per share.

The offer marks a 32.9% premium to the NOK17.30 closing price yesterday.

The offer is a result of a strategic review from the shareholders, where the low free float and poor stock liquidity has been seen a hinderance for Edda as a listed company.

“Following a series of equity capital raises it has become evident to the three largest shareholders that it will be challenging to continue investing and scaling the Company in a public setting,” read a statement issued by Edda.

The mandatory offer has been made by Electric, a newly established company owned by the acquiring companies, which controls 84.3% of the company following an acquisition of 2.7m shares managed by Nordea.

The Electric trio need to reach a 90% ownership threshold, which under Norwegian law would allow the acquirer the right to initiate a compulsory acquisition of the remaining shares.

While Fredriksen, Ofer and Wilhelmsen all backed the Edda narrative that growth in offshore wind would accelerate, Edda has experienced lower pricing relative to estimated steel values and newbuilding prices as the company has struggled operationally with delays in delivery of vessels.

Those issues are seemingly resolved following expensive yard stays that saw Edda incurring liquidated damages in recent years. However, analysts at Fearnleys now also expect a softer market balance over the next two to three years as newbuilding deliveries exceed medium-term demand growth.