Chinese group to launch take over bid for 100% of Australis Seafoods

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For USD 921 million – one of the largest acquisitions in Chile’s aquaculture industry.

Joyvio Group and its co-investor Silk Road Fund will launch on Friday a take over bid  for up to 100% of Chilean salmon farmer Australis Seafoods, reports El Diaro Financiero.

SalmonBusiness reported back in November 2018 that Joyvio Group – a subsidiary of Legend Holding – had inked a deal to buy the Chilean salmon farm Australis Seafood (controlled by businessman Isidoro Quiroga) for USD 880 million.

The offer -which will be administered by stockbroker Larraín Vial and will have a term of one month until next Friday, July 26. Based on a price to be paid of USD 0.13 for each share of Australis, in the event that the takeover bid ends with the acquisition of the total shares of the company (6.8 billion) the total amount of this transaction amounts to USD 921.6 million.

Larraín Vial told the publication that unlike other takeover bids, the case of the Australis operation is unique in the sense that the payment to shareholders who sell their shares will be made on the second trading day following the day of acceptance of the offer.