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Tribunal approves Sea Harvest deal

27 Mar 2009

South African food group Tiger Brands said on Thursday, 26 March 2009, that unconditional approval for the proposed Sea Harvest transaction was given by the Competition Tribunal on 25 March.

In terms of the proposed deal, a consortium led by Brimstone is to acquire 73.16% of Sea Harvest Corporation Limited from Tiger Brands.

Tiger Brands' board appointed PricewaterhouseCoopers Corporate Finance to act as the independent professional expert to provide a fairness opinion. PwC has confirmed that the terms and conditions in respect of the proposed transaction are fair as far as the ordinary shareholders of Tiger Brands are concerned.

The fairness opinion provided by PwC will lie open for inspection at the registered offices of Tiger Brands for a period of 28 days from the date of the announcement, it said.

A further announcement to update shareholders on the status of the proposed transaction will be made in due course, Tiger Brands said.

Published courtesy of