Tassal not for sale- for now
Reports from Money at ninemsn in Australia talk of a potential offer for the company’s shares at a rate some 20 per cent above the current rate of $ 1.55 (~€ 1.15). Tassal is in the business of growing mostly Atlantic salmon for the domestic market;
Pacific Equity Partners Pty Ltd (PEP) said in a statement on Tuesday that it had made an expression of interest to the board of Tassal with a view to a possible acquisition of the aquaculture firm via a scheme of arrangement. Subject to due diligence being satisfactory to PEP, the cash consideration would be in the range of $1.80 to $1.90 per Tassal share, PEP said.
A Tassal spokesman told AAP on Tuesday that the company would not comment on the matter until it made a statement to the Australian stock exchange, which it would do as soon as possible. PEP said Tassal's chairman Allan McCallum had rebuffed the approach. "At this stage, the chairman of the board has rejected PEP's approach and refused to grant due diligence access. "However, PEP is actively seeking to engage with the chairman in order to progress a proposal which Tassal shareholders are able to consider."
Shares in Tassal closed at $1.585 on Tuesday, down 2.5 cents, or 1.55 per cent. PEP said any deal would be subject to conditions including Foreign Investment Review Board approval.
