South Fremantle-based seafood company Mareterram has backed a takeover offer from its largest shareholder, Sea Harvest.
Mareterram announced it had entered a binding bid implementation agreement for an all-cash takeover offer at 25 cents per share, representing a 31 per cent premium on its 30-day volume-weighted average price.
The directors not affiliated with Sea Harvest unanimously recommended shareholders accept the offer in the absence of a superior proposal, and subject to the independent expert (RSM) concluding that the offer is fair and reasonable.
The news comes a week after the company reported a 78 per cent decrease in profit for the year, after disappointing fishing results.
Shares in Mareterram were up 17.1 per cent to trade at 24 cents each at 3.10pm AEDT