Copeinca ASA (COP), the subject of a $556 million unsolicited bid from Pacific Andes Resources Development Ltd. (PAH), will explore alternatives after shareholders owning almost 40 percent of its stock said they won’t accept the offer.
The bid, made by Pacific’s China Fishery Group unit, was “made without any contact or discussion” with Copeinca, the Lima-based company said today in a statement. Copeinca said it will comment further after evaluating the offer with advisers.
China Fishery, based in Singapore, yesterday offered to buy Copeinca, a producer of fishmeal and fish oil from anchovy caught off Peru, for 53.85 kroner ($9.43) a share. The bid is at a premium of almost 30 percent to the volume weighted average of the past three months and has the support of investors owning 41.5 percent of Copeinca, Pacific Andes said.
After the approach was announced, Copeinca jumped the most since it started trading in Oslo in January 2007. The stock closed unchanged at 56.25 kroner in Oslo, maintaining its gain since the start of the week at 39 percent.
The company said today that Dyer Coriat Holding SL, which holds a 32.6 percent stake, and Weilheim Investments, with almost 6 percent, don’t find the offer attractive and won’t sell their stock at the current terms. Dyer Coriat is the largest shareholder, according to data compiled by Bloomberg.
Ocean Harvest SL, which owns a 13.9 percent stake, will consider the bid, Copeinca said. The three shareholders are represented on the company’s board of directors.
Peru is the world’s largest producer and exporter of fishmeal and fish oil by volume, according to Pacific Andes. The acquisition would increase China Fishery’s anchovy catch quota in northern and central Peru by 11 percent, and in the southern region by 3 percent, Pacific Andes said in a filing yesterday.
The deal would establish China Fishery as one of the world’s largest fishmeal producers, according to Pacific Andes, which said demand is climbing on a growing global aquaculture industry and increased livestock production.
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