Copeinca shrugged off an accusation from China Fishery Group that the Peruvian fish oil company is deliberately trying to block a takeover bid, announcing today that they are still seeking better offers.
In a statement, Copeinca responded to an accusation from China Fishery last week that Copeinca is deliberately looking to issue new shares to make it harder for China Fishery to acquire a majority of the company. In a written announcement, China Fishery threatened legal action to stop Copeinca’s board from issuing new shares.
Earlier this month, China Fishery acquired 9.9 percent of the company’s shares after Ocean Harvest, Copeinca’s second largest shareholder, sold off a large portion of its shares in the company to China Fishery. The acquisition was completed on 25 March.
But Copeinca’s largest single shareholder, Dyer Coriat Holding, still has 32.6 percent of the company’s shares. Dyer Coriat has so far declined to sell to China Fishery, and has encouraged other shareholders not to sell either. Copeinca said the buyout offer did not take into account the value of the company’s quotas, and in its newest statement, said executives are looking for offers from anyone other than China Fishery for the remainder of the company’s shares.
“As per earlier announcements, Copeinca's board of directors is, together with its advisors, actively considering all options to maximize value for all of Copeinca's shareholders,” Copeinca said in a statement. “The key focus of these considerations is continuing discussions with parties potentially interested in making an offer for all of the shares in Copeinca, at better terms than, and within the timeframe set by, (China Fishery’s) offer.”
Copeinca denied that it was issuing new shares to block China Fishery’s takeover attempt.
“The board of directors wishes to express that it would only consider using this if it is deemed necessary to maximize the value for all Copeinca's shareholders,” the company said in its statement. “Using the authorization simply to block (China Fishery’s), or any other potential bidder's offer, without ensuring that a more favorable offer is presented to all Copeinca's shareholders, would hence not be considered by the board of directors of Copeinca.”
Copeinca called China Fishery’s threat of legal action “speculative” and “misleading for investors who wish to make informed investment decisions” about Copeinca.
