Australia's Sam's Seafood has said it has proposed a conditional off-market cash bid for Global Seafood Australia. Brisbane-based Sam's Seafood said it intends to offer 12.5 cents per share for Global Seafood, reported Asia Pulse. Global Seafood, a processor, exporter and wholesale distributor of seafood, issued a profit warning last month and forecast a loss of A$1.4m (US$0.9m) for the current financial year. The company reported a loss of over $2m for the year to 30 June 2002.