Andrew Forrest’s Tattarang could decide the fate of the takeover of Huon.Credit:Lee Griffith
Huon’s chairman,Neil Kearney,told shareholders Mr Forrest’s investment vehicle Tattarang made a non-binding and unconditional offer for the business earlier in the year after Huon began a review of its business operations.
Tattarang was given the opportunity to participate further in the review process and submit a final offer for the business but declined to do so. However,Mr Kearney said the firm’s offer was much lower than the $3.85 a share deal currently being offered for the business by the Brazilian meat processor JBS.
“We are focused on providing our shareholders,particularly retail shareholders,with the opportunity to secure proper value for all their Huon shares,” Mr Kearney said. “We will not be distracted by external noise that does not provide Huon shareholders with that opportunity.”
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The revelation that Tattarang and Mr Forrest had made an early bid for Huon helps explain the billionaire’s actions in recent weeks and puts further pressure on him to lob another offer of his own,with a source close to the transaction saying it was time for Mr Forrest to “put up or shut up”.
On Friday,Mr Forrest indicated he could still be open to launching a takeover bid,saying he had ruled nothing out.
However,Mr Forrest is not the only other interested party waiting in the wings for a bite at Huon. Multi-billion dollar Canadian aquaculture giant Cooke has also confirmed its interest in the company.