Mareterram Limited - Sea Harvest lodges Bidder's Statement
Mareterram Limited (ASX: MTM) has announced that it has received the Bidders Statement from major shareholder Sea Harvest Holdings Proprietary Limited (Sea Harvest) in relation to the conditional proportional off-market cash offer to acquire 1 out of every 2 shares held by Mareterram shareholders (other than Sea Harvest and its related entities) for $0.35 cash per share. The Offer is supported by all Mareterram directors.
Sea Harvest International Proprietary Limited ("Sea Harvest") has today lodged its Bidders Statement with the ASX in relation to the proportional takeover of Australian sustainable agribusiness, Mareterram Limited (ASX:MTM).
Under the proposed transaction, Sea Harvest proposes to acquire 50% of shares held by Mareterram shareholders at a price of A$0.35 per Ordinary share.
The Offer is subject to Sea Harvest achieving sufficient acceptances that would result in Sea Harvest obtaining a minimum shareholding of 50.1% in Mareterram. Should all Mareterram shareholders accept the offer, Sea Harvest will own 59.65 of Mareterram.
All the Directors of Mareterram have indicated that they intend to accept the offer, in the absence of a superior proposal.
The offer will officially open on 8 June and close on 8 July 2016 unless extended or withdrawn.