Peru's second largest fish exporter Copeinca said that it would be hiring a team of financial advisors to provide alternatives after its receipt of a buyout offer from the China Fishery Group. The team would comprise UBS, DNB Markets and Carnegie and the group would provide options available to the company.
In latest developments, two of the fish company's controlling shareholders have rejected the unsolicited buyout bid while a third shareholder is willing to consider the bid. The bid can still be accepted by smaller retail investors.
Peru is the world's biggest exporter of fishmeal and generates revenue of US$1.8 billion per year as exports. The seas around the country are increasingly being coveted by multinationals even if the government has been curbing fishing activities to preserve the ecological balance.
Copeinca generated sales of US$314 million in 2012. The offer had a premium of 20% on top of share price value. The offer, according to insiders, need to be addressed on or before April 12.
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