Omega Protein processing plant. (Photo: Stock File)
Cooke Inc. and Omega Protein settle merger deal
Friday, October 06, 2017, 22:00 (GMT + 9)
Cooke Inc., parent of Cooke Aquaculture Inc., and nutritional product company Omega Protein Corporation have signed a merger agreement under which the former will acquire all outstanding shares of Omega Protein for USD 22.00 per share in cash.
“Omega Protein will provide us with another platform in Cooke’s growth strategy through further diversification in the supply side of the business. We believe this will be a very good fit between our two cultures,” pointed out Glenn Cooke, CEO of Cooke Inc.
The transaction is expected to close near the end of 2017 or early in 2018 and is subject to the approval of Omega Protein stockholders, certain regulatory approvals and other customary closing conditions.
BMO Capital Markets is providing committed financing for the transaction and is serving as the buy-side financial advisor.
Omega Protein Corporation develops, produces and delivers healthy products throughout the world to improve the nutritional integrity of foods, dietary supplements and animal feeds. It operates seven manufacturing facilities located in the United States, Canada and Europe. The Company also operates more than 30 vessels to harvest menhaden, a fish abundantly found in the Atlantic Ocean and Gulf of Mexico.
Cooke carries on the business of finfish aquaculture globally through its wholly-owned subsidiary Cooke Aquaculture Inc. The New Brunswick, Canada based Cooke family also has significant investments in wild fisheries globally through their ownership of Cooke Seafood USA, Inc. and Icicle Seafoods, Inc. Cooke Aquaculture Inc. is an aquaculture corporation founded in Blacks Harbour, New Brunswick, Canada with salmon farming operations in Atlantic Canada, the United States, Chile and Scotland, as well as seabass and seabream farming operations in Spain.