Singapore-listed Pacific Andes announced it signed an agreement on Wednesday to buy 19.76 percent of ASX-listed Tassal, a vertically integrated salmon grower, processor, seller and marketer based in Tasmania.
The news comes as Tassal is facing a hostile takeover bid from an Australian private equity firm, Pacific Equity Partners (PEP), after Tassal's board rejected a takeover approach by PEP on Tuesday.
Tassal's board had said PEP's offer, at $1.80 (€1.30/$1.80) to $1.90 (€1.40/$1.90) per share, was too low.
Pacific Andes' offer, however, was lower, at $1.79
