Australia’s Sam’s Seafood has said it has proposed a conditional off-market cash bid for Global Seafood Australia.
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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.
“Having successfully raised approximately $8.8m through a recent preference share issue, Sam’s Seafood is in an ideal position to proceed with strategic acquisitions such as Global Seafood,” Sam’s Seafood said.
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