PEP begins bid for Tassal
Leading Australian buyout firm Pacific Equity Partners has announced its intention to acquire local ASX-listed salmon fishery and foods operation Tassal Group, requesting due diligence on the target.
According to PEP's announcement, the firm is looking to implement an acquisition of the target via a scheme of arrangement, subject to the approval of the Tassal board. PEP's proposed cash consideration for to be paid to Tassal shareholders would amount to "a premium of 25% to 32% over the volume weighted average price for the 6 months prior to the submission," according to the firm.
PEP also noted that Tassal's chairman has rejected the initial approach for due diligence, but added that it is still seeking to progress the proposal. Reports cited a possible value of A$278 million ($275 million) on any acquisition. PEP is using Rothschild and Rabobank as financial advisors, and Clayton Utz as legal advisor.
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