IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 1 July, Cooke, the spurned suitor, disclosed that it further increased its stake from 5.40% to 7.60% at an average price of A$4.59 per share. </li>
<li>The <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> Board decided not to engage with Cooke as its third offer of A$4.85 per share did not reflect the fundamental value of the business. </li>
<li>Cooke's recent actions suggest that it will not be easily deterred. We think that it is likely that Cooke returns with another offer which will force the Board to engage.</li>
</ul>


On 1 July, Cooke, the spurned suitor, disclosed that it further increased its stake from 5.40% to 7.60% at an average price of A$4.59 per share. 
The Tassal (TGR AU) Board decided not to engage with Cooke as its third offer of A$4.85 per share did not reflect the fundamental value of the business. 
Cooke's recent actions suggest that it will not be easily deterred. We think that it is likely that Cooke returns with another offer which will force the Board to engage.


Tassal: Cooke Remains a Determined Suitor

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Tasmanian salmon producer <strong><a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a></strong> has rejected Canadian aquaculture play Cooke Inc's $4.85/share offer - its third proposal and a 42.2% premium to the undisturbed price.</li>
<li>Cooke commenced buying shares in Tassal around ten days ago and has built a 5.4% stake. </li>
<li>Tassal considers the Offer does not reflect the fundamental value of the business and has determined not to engage with Cooke.</li>
</ul>


Tasmanian salmon producer Tassal (TGR AU) has rejected Canadian aquaculture play Cooke Inc's $4.85/share offer - its third proposal and a 42.2% premium to the undisturbed price.
Cooke commenced buying shares in Tassal around ten days ago and has built a 5.4% stake. 
Tassal considers the Offer does not reflect the fundamental value of the business and has determined not to engage with Cooke.


<ul>
<li>Glenn Bruce Cooke has acquired a 5.40% stake in <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a> at an average price of A$3.58. The shares rose 3.1% to close at a 1-year high of A$3.97.</li>
<li>Mr Cooke has shown previous interest in Tassal and its key competitor, <a href="https://www.smartkarma.com/entities/huon-aquaculture-group-ltd" target="_blank" data-smartkarma-citation="entities:12348:1" rel="noopener">Huon Aquaculture (HUO AU)</a>. Huon was ultimately acquired by <a href="https://www.smartkarma.com/entities/jbs-sa" target="_blank" data-smartkarma-citation="entities:24455:1" rel="noopener">JBS SA (JBSS3 BZ)</a> in November 2021.</li>
<li>Tassal is a better business than Huon due to more stable operations and higher margins. Benchmarking to the Huon transaction multiples implies a floor offer price of A$4.65 per share.  </li>
</ul>


Glenn Bruce Cooke has acquired a 5.40% stake in Tassal (TGR AU) at an average price of A$3.58. The shares rose 3.1% to close at a 1-year high of A$3.97.
Mr Cooke has shown previous interest in Tassal and its key competitor, Huon Aquaculture (HUO AU). Huon was ultimately acquired by JBS SA (JBSS3 BZ) in November 2021.
Tassal is a better business than Huon due to more stable operations and higher margins. Benchmarking to the Huon transaction multiples implies a floor offer price of A$4.65 per share.  


New Zealand

New Zealand King Salmon Investments Limited provides fish farming services. The Company produces, grows, and sells salmons products. New Zealand King Salmon Investments serves customers worldwide.

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New Zealand King Salmon (NZK NZ)

Tassal: Cooke Remains a Determined Suitor

Shares are trading in line with the rejected offer price. We think that it is likely that Cooke returns with another offer which will force the...

Arun George

Tassal And Cooke In Salmon Stand-Off

Tassal Group is trading at $4.51/share as I type, or a 7.5% gross spread to terms. I'd be buying here. Cooke is not done yet.

David Blennerhassett

Tassal Is in the Crosshairs of a Suitor

Mr Cooke, who was previously interested in Huon, has acquired a 5.40% stake. Benchmarking to the Huon transaction multiples implies a floor offer...

Arun George

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