Pacific Equity Partners (PEP) on Tuesday went public with its AUD 278 million (USD 275 million, EUR 206 million) bid to take over Tasmanian salmon producer Tassal Group.
PEP said it was prepared to offer USD 1.80 to USD 1.90 cash per share.
However, according to PEP, Tassal Chairman Allan McCallum rejected its offer and refused to grant due diligence access. PEP’s offer represents a 19 percent to 26 percent premium over yesterday’s closing price, it said. Tassal’s last market value was USD 231 million.
In a letter to the Australian Securities Exchange on Tuesday, Tassel confirmed that it rejected PEP’s offer, saying that it “materially undervalued” Tassel’s shares.
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