Canada’s Cooke Inc wanted more than just salmon and prawn farms when it kept casting out bigger offers for Tassal Group.
Cooke Inc says Tassal Group’s in-house distribution network was a major factor in its $1.1 billion takeover quest, with the Canadian-based seafood giant looking for market access in Australia.
in Australia. Tassal comes with the De Costi Seafood distribution business based in Lidcombe, NSW, which also sources and processes a wide range of seafood, as a cherry on top. “In the last few years, we’ve acquired several other seafood distribution companies. We’ve been looking at some other opportunities in the distribution piece and that enables us to get closer to the customer and to serve our customers with a wide variety of seafood product.
The company has an appetite for acquisitions. It has made about 50 from headquarters in Blacks Harbour, New Brunswick, since being founded in 1985 by brothers Glenn and Michael and their father, Gifford Cooke.In a statement issued after the Tassal board agreed to unanimously recommend a cash takeover offer pitched at $5.23 a share, Cooke chief executive Glenn Cooke said he wanted to work with other salmon producers in Tasmania and government regulators on environmental issues.
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‘Very much Tasmanian’: Salmon grower Tassal chief bats away foreign ownership concernsThe fourth bid has been the charm for Canadian giant Cooke, which has secured the Tasmania-based salmon grower after a long pursuit.
Read more »