“What’s your best price on this?”

“Mate, it’s the price it’s listed at. If I wanted less, I would have listed it less.”

It’s a conversion we’ve all had on Facebook marketplace as unscrupulous bargain hunters think their cash is more valuable than others, while unashamedly asking for further discounts. Oddly enough, such conversations perforate onto slightly larger marketplaces in the form of the ASX, prompting seafood company Laguna Bay to confirm again that its takeover offer of rival Angel Seafoods (ASX: AS1) was their best, and will not be increased. 

The non-binding offer from Laguna Bay, which was made on 17 December 2021, offered to acquire all shares in Angel Seafood at 0.20 per share. This was a 60% premium on AG1 shares at the time and promptly saw shares surge up to $0.19. 

The offer was then formalised on 10 February 2022 in the form of a Scheme Implementation Deed with the Offer Price unchanged, and voted for in favour by each Angel Seafood Director. 

Angel shareholders however, are likely to have expressed reservations of the takeover offer which has prompted Laguna Bay to roll out the online marketplace-eque response. 

“We advise that the Scheme Consideration of $0.20 per Angel Seafood ordinary share is our best and final price and that we will not agree to any increase in the Scheme Consideration,” said Laguna Bay in a Statement. 

Reasons for the statement needing to be published may have been promoted by a bumper financial result reported after the takeover offer was formalised, with Angel Seafood releasing its half year results to shareholders on 28 February 2022. 

For the six months ended 31 December 2021, Angel Seafood reported $8.4m in revenue which represented a 34% increase on the previous corresponding period. This was driven by record oyster sales as the Company sold a record 10.6 million units which delivered a 42% increase in EBITDA to $2.7m. 

With the end of COVID in sight after shutdowns to premium hospitality had an adverse affect on seafood sales over the past two years, the best is set to come for Angel Seafood which has aquaculture projects underway to double their annual production capacity. 

At $0.20 per share, the all-cash takeover offer values Angel Seafood at $31.5 million and will proceed to a Scheme Meeting of Angel shareholders in May 2022 unless a superior offer is received. 

Should it take place, Laguna Bay may need another prepared response for the thrifty Angel shareholder asking if this is their best offer?