- Salmon producers Huon Aquaculture (HUO) lodges JBS Australia takeover with the Australian Securities and Investments Commission (ASIC)
- Previously, the company received an offer from JBS to purchase 100 per cent of Huon at $3.85 per share
- On Wednesday morning, the Federal Court of Australia approved the primary scheme between Huon and Huon shareholders
- Following this, the bid has now been lodged to ASIC and shares in HUO will be suspended from close of trading today
- On market close for the day, Huon was down 0.27 per cent and is trading at $3.71 per share
Huon Aquaculture (HUO) has now lodged the JBS Australia takeover with the Australian Securities and Investments Commission (ASIC).
Previously, the company received a proposal from JBS to purchase 100 per cent of Huon at $3.85 per share.
On Wednesday morning, the Federal Court of Australia approved the scheme between Huon and Huon shareholders — excluding shares held by Surveyors Investments — under which JBS will separately purchase 100 per cent of shares in Huon for $3.725 apiece.
Following this, the bid has now been lodged to ASIC and shares in HUO will be suspended from close of trading today.
Huon is a large aquaculture and food processing enterprise located in Tasmania, and the second largest salmon producer in the state.
JBS Australia is a subsidiary of Brazil-based group JBS and is the world’s largest meat and food processing company.
In August, billionaire Andrew “Twiggy” Forrest toped up his interest in Huon days after the JBS offer was made.
Mr Forrest now holds an 18.51 per cent stake in Huon, up from his initial interest of 7.33 per cent.
“Our investment in Huon represents a clear commitment to achieve the industry change we want to see,” Mr Forrest said.
On market close for the day, Huon was down 0.27 per cent and is trading at $3.71 per share.