Canada’s Cooke submits proposal to acquire Tasmania-based salmon farming company

Photo: Tassal Group

Privately-owned Cooke, parent company of Cooke Aquaculture of New Brunswick, Canada, has placed a non-binding indicative proposal to purchase publicly traded Tasmanian salmon farmer the Tassal Group based in Hobart by way of scheme of arrangement under Australian law for a cash consideration of AU$4.85 per Tassal share.

The indicative proposal was submitted to the board of Tassal and follows previous indicative proposals submitted on May 26 2022 for AU$4.67 per share and June 6, 2022 for AU$4.80 per share.

On Monday, June 27, 2022, Cooke lodged its third non-binding indicative proposal to the board of Tassal for an acquisition of 100 per cent of the Tassal shares. Cooke is keen to undertake the transaction on a friendly basis with an endorsement from Tassal’s board of directors, and therefore has proposed that the transaction occur by way of a Tassal scheme of arrangement.

The proposal is subject to limited conditionality and, importantly, is not subject to Cooke being granted due diligence access.

Cooke’s intent is to engage the Tassal board of directors to provide shareholders with a transaction capable of being completed.

Australian investment banking firm Kidder Williams is acting for Cooke in Australia


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