Shareholders of Tassal will vote on November 3 whether they are in favor of Canadian-based Cooke Aquaculture’s Aus$1.12-billion takeover bid.
The offer means Cooke is offering to acquire Tassal at A$5.23 per share in cash, which represents a premium of 49 percent to Tassal’s undisturbed closing share price on 22 June 2022, which was A$3.52.
Tassal’s stock closed on Wednesday at AUS$5.18, which puts the deal price only at rougly 1 percent premium.
Tassal’s board is continuing to recommend shareholders vote in favour of the offer from Cooke in the absence of a superior proposal and with financial advisory solutions specialist Kroll Australia’s continuing to believe that the proposed scheme of arrangement is fair and reasonable and in shareholders’ best interests, reported local news outlet Area News.
If the takeover big succeeds, Australia’s three big salmon producers – Tassal, Huon Aquaculture and Petuna – will no longer be owned by Australians.