Tassal Shareholders have voted in favor of the proposed acquisition of Tassal by Aquaculture Australia Company Pty Ltd, a wholly-owned subsidiary of Cooke Inc. In August, Cooke acquired all outstanding shares of Tassal for A$5.23 per share in cash by way of a scheme of arrangement.
By ASX Listing Rule 3.13.2 and section 251AA of the Corporations Act 2001 (Cth), Tassal advised that the resolution to approve the Scheme was passed by the requisite majorities of Tassal Shareholders (excluding Excluded Shareholders) at the Scheme Meeting.
In particular, 96.56% of the votes cast by Tassal Shareholders (excluding Excluded Shareholders) were in favor of the Scheme Resolution. Also, 84.92% of Tassal Shareholders present and voting at the Scheme Meeting were in favor of the Scheme Resolution.
Previously, Mark Ryan, Managing Director and CEO of Tassal, explained: “Combining our two companies’ people-first cultures and our shared passion for producing top-quality seafood, is a natural fit.”
Furthermore, Glenn Cooke, CEO of Cooke noted: “Tassal is an excellent fit with Cooke. Our people and communities are very comparable as well, with agriculture, fisheries, aquaculture, and forestry prominently supporting export-driven economies.”
The rejection of Cooke’s takeover offer by Tassal during the summer triggered a sharp rise in the stock market value of its shares. According to MarketScreener, those rose 16%, to A$4,610 per share, recording the best day in its history.
The Scheme remains subject to the approval of the Court at the hearing scheduled for 9:15am (AEDT) on Tuesday, 8 November 2022. Besides, certain other conditions precedent as previously announced and described in the Scheme Booklet.
If the outstanding conditions precedent are satisfied or waived (if applicable) prior to the hearing, and the Court approves the Scheme, Tassal proposes to lodge an office copy of the orders of the Court with the Australian Securities and Investments Commission (which is expected to occur on Wednesday, 9 November 2022), at which time the Scheme will become legally effective.