Copeinca board rejects buyout offer


SeafoodSource staff

Published on
February 26, 2013

Fishmeal and fish oil producer Copeinca’s board of directors have issued a statement rejecting an offer from China Fishery Group to buy the company, saying the offer came from out of nowhere and was not attractive.

The company’s majority shareholder, Dyer Coriat Holding, which holds 32.6 percent of the company’s shares directly and 6 percent indirectly, declined the fishery group’s USD 285 million (EUR 217.9 million) offer, saying it “does not find the announced intended offer attractive.”

The company’s next largest shareholder, Ocean Harvest, with 13.9 percent of the shares, according to the Copeinca board, has not indicated it will accept the offer, “but will consider the offer and await the further developments.” The board advised any other shareholders considering the buyout bid to “refrain from taking any action,” and “to exercise caution when dealing in the shares of the company.”

The board also assured in its statement that it was not involved in the offer, saying, “This announcement (by China Fishery Group) was unsolicited and was made without any contact or discussion with the board of directors of Copeinca.”

The board said it would disclose further views of the offer in a future statement. In the meantime, the board said the company is appointing financial advisors “to explore strategic alternatives for Copeinca following the announcement” of the bid by China Fishery Group.

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