Australia's Tassal Group has rejected a non-binding takeover bid from Canadian aquaculture firm Cooke, which valued the seafood supplier at AUD 1.04 billion ($719.89 million).
The AUD 4.85 (€3.18/$3.36) per share offer represents a 22.2 percent premium on Tassal's Monday closing price of AUD 3.97 (€2.60/$2.75), but having evaluated the proposal, Tassal's board has chosen not to engage with Cooke on the basis that the offer "did not reflect the fundamental value of the business and was not in the best interests of shareholders," it said.
