By SeafoodSource staff
Published on 21 March, 2013
China Fishery Group on Friday sent a letter to the board of directors of Copeinca urging them to refrain from issuing new shares authorized at Copeinca’s 2012 annual meeting.
According to China Fishery, there are “reasons to believe that the purpose of such a share issue would be to hinder or obstruct a successful completion of its offer.”
China Fishery said Copeinca’s board of directors has issued negative statements to encourage shareholders to not accept the terms of China Fishery’s USD 556 million (EUR 427.3 million) acquisition bid.
“Unless a satisfactory response is received from the board of directors of Copeinca, China Fishery will consider taking legal actions in order to seek to prevent Copeinca’s board from utilizing the authorization in a manner which could hinder or obstruct a successful completion of the offer,” China Fishery said in a statement.
Copeinca has appointed UBS Limited, DNB Markets and Carnegie as financial advisers to explore strategic alternatives to China Fishery’s bid.