Australia-based Angel Seafood receives takeover proposal from Laguna Bay

Australia-based oyster producer Angel Seafood Holdings has received a proposal from Laguna Bay Group to take over all shares in Angel that Laguna Bay does not already own for cash consideration.

Under the takeover proposal, Laguna Bay offers an indicative all-cash consideration of AUD 0.20 (USD 0.14, EUR 0.12) per share. 

In an announcement to investors, the Board of Angel “considers that it is in the best interests of Angel's shareholders to engage further with Laguna Bay on the Indicative Proposal.”

Laguna Bay, meanwhile, stated that the Indicative Proposal was formulated based on several key assumptions, including Laguna Bay's strong preference that Angel Founder, CEO, and Director Isaac Halman his associated entities retain a significant proportion of their shareholding in Angel. 

The company announced on 3 November that it had an all-time record month in October, selling AUD 1.2 million (USD 860,135, EUR 761,444) of oysters, an increase of 20 percent compared to September and 100 percent compared to August.

“We are very encouraged by the strong momentum we are seeing in our business,” Halman said. “Having built our retail sales channel over the last 18 months, which continues to see growing demand, we are now seeing the benefits of the restaurant and food service channels re-opening in major markets.”

Earlier this year Angel Seafood said that it acquired 6.25 hectares of additional water space through lease arrangements, which will increase their production capacity to 12 million oysters per annum. 

The company also launched a FlipFarming trial in Coffin Bay which, which it said will help increase productivity and lower operating costs.  

Photo courtesy of Angel Seafood Holdings