$18.5m bid made for MPA
A Singapore-based fisheries company has made an $18.5 million takeover bid for Marine Produce Australia, operator of the Cone Bay Ocean Barramundi farm near Broome.
MPA said it had struck a deal with Barramundi Asia for a cash offer at 50¢ a share, available to all shareholders in the non-listed company. Under the agreement, Barramundi Asia would acquire at least 70 per cent and up to 100 per cent of the shares.
The offer values the company at about $18.5 million and follows MPA engaging in what it described as a competitive sale process.
It is understood MPA has about 300 shareholders. The company delisted from the Australian Securities Exchange in 2010, blaming a lack of liquidity and value in the stock. MPA started as a small farm-focused operation, maturing into a business that incorporates the full fish farming process from brood stock through to sales.
It has invested about $100 million in Cone Bay over a decade.
The Desiree Allen-led company was recently granted an increase in its production licence to 15,000 tonnes per annum.
Barramundi Asia was founded in 2008 and operates the biggest fish farm in Singapore by biomass.
MPA said shareholders need not take action until the offer was received.