Clean Seas Seafood (ASX:CSS) Announces Merger Proposal from Yumbah
Proposal Details
Clean Seas Seafood Limited has received a non-binding proposal from Yumbah Aquaculture Ltd to merge through the acquisition of 100% of its shares via a scheme of arrangement. The Proposal offers $0.14 cash per share with a scrip alternative, representing a significant premium over recent share prices.
Board’s Recommendation
An independent board committee determined that progressing the Proposal is in the best interests of Clean Seas shareholders. The committee unanimously intends to recommend that shareholders vote in favour of the Scheme, subject to satisfactory due diligence and approval of a scheme implementation deed on acceptable terms.
Next Steps
Under the Proposal, Yumbah has until 24 March 2025 to complete exclusive due diligence and negotiate a binding scheme implementation deed. Clean Seas shareholders do not need to take any action. The Independent Board Committee will keep shareholders informed of developments.
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