In today’s briefing:
- Cooke Nets Tassal On Fourth Attempt
- Tassal Recommends Cooke’s A$5.23 Offer
Cooke Nets Tassal On Fourth Attempt
- Tasmanian salmon producer Tassal (TGR AU) and Canadian aquaculture play Cooke have entered into a Scheme at A$5.23/share.
- The revised Offer is Cooke’s fourth bid since late May, having initially pitched A$4.67/share. Cooke has been gradually building its stake and now holds 10.5%, up from 5.4% initially.
- This Offer is done and dusted. Tassal’s board unanimously recommends shareholders vote in favour of the Scheme.
Tassal Recommends Cooke’s A$5.23 Offer
- Tassal (TGR AU) entered a scheme implementation deed with Cooke at A$5.23 per share, a 48.6% premium to the undisturbed price of A$3.52.
- The offer price is an all-time share price high. The scheme is not subject to due diligence or a financing condition. Cooke also noted that it had received FIRB approval.
- This is a done deal. At last close and for year-end payment, the gross and annualised spread to the offer is 1.8% and 4.6%, respectively.
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