Brisbane-based Sam’s Seafood has announced that its has withdrawn its takeover offer for Global Seafood Australia after the latter revealed a A$5.5m (US$3.55m) write-down last week.
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Global Seafood said it would write down to zero the company’s goodwill and brand assets for the fiscal year. This, together with the company’s June profit warning of a $1.4m loss for the year, related to the SARS outbreak, points to an expected loss of $7m for the year, reported the Australian Associated Press.
“The Board of Sam’s are understandably concerned by this quite unexpected announcement and the enormity of these circumstances,” Sam’s Seafood chairman Grahame Denovan was quoted by AAP as saying.
“As a consequence, Sam’s Seafood withdraws the proposed bid in recognition of the many variables surrounding this campaign.”
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