The Angel Seafood Holdings Ltd (ASX: AS1) share price is charging ahead today amid news of a potential sell-off.
Shares in the company are swapping hands at 18 cents at the time of writing, up 44%. They reached an intraday high of 19 cents about an hour after market open.
Angel Seafood is a South Australian producer of fresh oysters in the town of Coffin Bay.
What may be impacting the share price?
Angel Seafood received an offer from Laguna Bay Group Pty Ltd to buy all of its shares at 20 cents apiece.
That’s a 60% boost to Angel’s last closing share price of 12.5 cents a share on Friday.
It’s also a 50% gain on the company’s average share price in the 30 days leading up to it.
Laguna Bay Group Pty Ltd manages the valuation, development, and acquisition of agricultural assets for institutional investors.
Angel informed investors there is no guarantee the proposal will lead to a binding offer or share agreement.
However, the company believes it to be in the interest of shareholders to consult with Laguna Bay on the potential deal.
Angel has entered into an exclusivity deed and a cost letter with Laguna Bay to provide it with the opportunity to conduct due diligence and receive regulatory and investor approval.
In a statement approved by the company board, Angel Seafood said:
Following careful consideration, and consultation with its advisers, 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.
Angel Seafood share price snap shot
The Angel Seafood share price has surged nearly 9% in the past 12 months.
This has been boosted by a 32% lift in the past month and a 42% rise in the past week.
The seafood producer and seller has a market capitalisation of nearly $30 million.
The post Angel Seafood (ASX:AS1) share price rockets 44% on takeover news appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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