Brisbane-based Sam’s Seafood has stood by its A$2.3m (US$1.5m) takeover offer for Global Seafood Australia, after the latter had dismissed the offer as “grossly inadequate”.

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Sam’s Seafood said its offer of 12.5 cents a share, pitched on Friday as a conditional off-market cash bid, was “fair and reasonable”, reported the Australian Associated Press.


Sam’s Seafood chief executive and founder, Nicholas Noutsatos, said Global had been prematurely dismissive in its assessment of the offer.


Global Seafood, a processor, exporter and wholesale distributor of seafood, issued a profit warning last month and forecast a loss of $1.4m for the current financial year. The company reported a loss of over $2m for the year to 30 June 2002.

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