Cooke Aquaculture and owner Glenn Cooke have purchased another stake in Tasmania, Australia-based aquaculture firm Tassal, bringing its investment into the company up to 10.49 percent.
The acquisition of more shares is the fourth separate purchase in under a month after Cooke first acquired a 5.4 percent stake in Tassal in June. Soon after purchasing the stake, Cooke made an offer to purchase Tassal outright for AUD 1.04 billion (USD 717 million, EUR 701 million), but was rejected by Tassal's board of directors.
“Tassal has an attractive independent future and is well positioned to deliver growth in shareholder value,” the board said in a press release.
Though its initial purchase offer was rebuffed, Cooke has continued to invest in the company, upping its stake to 7.6 percent on 1 July, then 8.9 percent on 12 July. Now, it has increased that stake all the way to 10.49 percent with its latest purchase of 3.4 million shares in the Australian company, according to documents on the Australian Stock Exchange (ASX).
All told, Cooke has invested over AUD 92 million (USD 63.4 million, EUR 62 million) in Tassal so far.
In a press release, Cooke Aquaculture indicated it placed a non-binding indicative proposal to purchase the Tasmania, Australia-based company for a cash consideration of AUD 4.85 (USD 3.34, EUR 3.26) per share. At the time of the offer on 27 June, Tassal's share price was at AUD 3.97 (USD 2.74 EUR 2.67).
Since news of the offer broke in late June, Tassal’s share price rose to its highest price since 2019, and currently sits at AUD 4.85 (USD 3.34, EUR 3.26) per share, according to the Australia Stock Exchange.
A request to Cooke Aquaculture for comment on the latest purchase was not responded to before deadline.
Photo courtesy of Cliff White/SeafoodSource
