Tassal Group Ltd. is still without a buyer, Australia’s largest salmon producer announced on Wednesday, after rejecting a higher offer from private equity firm Pacific Equity Partners (PEP).
Two months ago, PEP submitted a bid of USD 1.80 to USD 1.90 per share cash, and Tassal retained Gresham Advisory Partners Ltd. to assist with a strategic review.
But, on Wednesday, Tassal said the higher offer of USD 1.90 per share cash, reportedly made by PEP, “significantly undervalues Tassal when considering a number of financial metrics, including a valuation of the strategic plan.”
Tassal then said it has terminated further discussions with interested parties at the USD 1.90 price level.
“Should interested parties submit change of control proposals at higher price levels, the board will continue to assess and evaluate any proposal on its merits,” said the company.
Canadian salmon producer Cooke Aquaculture has also showed interest in Tassal, reported The Australian.
