It is forming Silver Holdings together with Solvtrans CEO Roger Halsebakk's Dolstein Invest and chairman Anders Hvide's A Hvide Holding.

Halsebakk is currently the largest shareholder with 30.4%.

The voluntary offer is for all the outstanding shares at NOK 35 each, compared to NOK 34.50 on Friday in Oslo.

This values the company at NOK 602m ($101m).

Directors not connected with the bid have "concluded that the price is at a level where the shareholders ought to be able to receive and evaluate the offer," the company said.

Board