Cooke Inc. Acquires U.S. Supplier of Specialty Oils and Protein Products
SAINT JOHN – Cooke Inc. is acquiring U.S.-based Omega Protein Corporation, a nutritional product company and an integrated provider of speciality oils and speciality protein products.
Under the merger agreement announced Friday, Cooke will acquire all outstanding shares of Omega Protein for $22 per share. Glenn Cooke, CEO of Cooke, says the merger agreement has been unanimously approved by the Board of Directors of both Omega Protein and Cooke.
“We are very pleased to sign this agreement with Omega Protein,” said Cooke in a release. “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.
Omega Protein has a 100-year history with an experienced and dedicated workforce, which we value, and a tradition of operating in small, coastal towns and communities that we share. Their focus on sustainable aquaculture and agriculture and the production of healthy food is also a great fit with our experience and culture.”
Bret Scholtes, president and CEO of Omega Protein, said Cook and Omega Protein are a natural pairing given the history and values of the two companies.
“We are excited about the agreement, which we believe recognizes the value of Omega Protein’s successful, 100-year-old fishing business and also provides stockholders with an immediate premium,” said Scholtes. “Cooke is a family owned company and in many ways, reminds us a lot of ourselves and this agreement is the perfect fit for the two companies. Cooke is a highly-regarded and responsible leader in the global fishing and seafood industry.”
The transaction – which is expected to close near the end of 2017 or early in 2018 – is subject to the approval of Omega Protein stockholders, certain regulatory approvals and other customary closing conditions.