In your assignments this semester, you are required to analyse the recent takeover proposal of Tassal Group. In the individual assignment you will be providing advice to the target. In the group assignment you will be providing advice to the bidder.

A timeline of events indicating when you would be conducting your analysis is provided below. You should conduct your own research from a variety of sources, but must not incorporate information that is only         publicly known after your company’s “deadlines” on these tasks.

** This timeline is a basic outline of how the deal has progressed, and is adapted for the

purpose of this assignment. Students are expected to go beyond the scope of this outline in researching key aspects of the transaction for both the individual and group                assignments.

Ø Indicates the points in the timeline when you would be carrying out your research. In      your assignments, you must not incorporate information that is only publicly known after your company’s deadlines on these tasks.

Tassal Group Deal Timeline **

26 May 2022: The board of Tassal Group Limited (“Tassal”) (ASX: TGR)    receives a confidential, non-binding, indicative offer from Cooke Inc. (“Cooke”) to    acquire 100% of ordinary Tassal shares for cash consideration of $4.67 per share. The offer is rejected by Tassal’s board.

Ø 27 May 2022: Your company has been hired by Tassal to provide strategic M&A advice. Tassal expects that the 26 May offerfrom Cooke mayjust be afirst-step and the   company wants to be better preparedfor anyfurther bids.

Your manager has assignedpart of this work to you. You are to work individually to assess the strategic rationalefor the deal, provide an initial assessment of deal             feasibility and advise whetherfurther consideration of a deal with Cooke shouldproceed. Your report is due to your manager by 3 June 2022.

6 June 2022: In closed-door negotiations between the bidder and target, Cooke increases its offer to $4.80 per share. The offer is again rejected by Tassal’s board.

22 June 2022: Australian business media reports on the news that former            Chairman of Tassal, David Williams, has acquired an equity interest of close to 5% in     Tassal through a holding company called Amore Foods. Williams is a well-known M&A adviser at the Melbourne-based investment banking firm Kidder Williams. The news       triggers speculation about a prospective deal involving Tassal.

27 June 2022: Cooke discloses to the ASX a substantial holding of 5.398% in Tassal after the ASX market closed. It is revealed that Amore Foods was acting as a    nominee for Cooke in building the toehold stake. Cooke further increases their offer to the Tassal board and lifts the offer confidentiality clause.

28 June 2022: Tassal confirms prior to the market open that the company had   received a non-binding, indicative and conditional offer from Cooke to acquire 100% of ordinary Tassal shares for cash consideration of $4.85 per share. The board of Tassal     states that the indicative offer does not reflect the value of the company and advised that it would not be in the best interests of shareholders.

Ø 29 June: Your team is hired by Cooke to provide advice on the bid strategyfor Tassal andprovide a recommendationfor next steps. Your pitch to Cooke is due by 12 August 2022.

Individual Assignment: Strategic Report

Due: 11:59pm, Monday 12th  September 2022 (week 7)

Length: 7 pages (inclusive of all charts, tables, figures and appendices)

Weight: 15%

It is 27 May 2022. Your company has been hired by Tassal Group to provide strategic M&A advice on the acquisition offer received from Cooke Inc on 26 May. Your manager has assigned part of this work to you. You are to assess the strategic rationale for the deal, provide an initial assessment of deal feasibility and     advise whether further consideration of a deal with Cooke should proceed. Your report is due to your         manager by 3 June 2022.

The strategic report should be written for the Board of Tassal and provide a comprehensive strategic M&A analysis and ultimately a recommendation on how they should proceed in any further negotiations with       Cooke. You are not expected or required to conduct valuation analysis for this individual report. Discussion should be detailed and supported by both quantitative and qualitative evidence.

Report structure and mark breakdown:

1.   Executive summary. Use this section to concisely summarise the key issues and recommendation/s of your report. ( 1 mark)

2.   Examine the strategic context of this deal and identify the strengths and weaknesses of the industry in    which the bidder and target firms operate. You should also identify a set of comparable transactions       (minimum 3) and explain why these transactions are comparable, and discuss the context for this deal in relation to corporate activity in the target firm’s industry. (4 marks)

3.   Assess the logic and rationale of the proposed deal, including likely benefits, opportunities and risks. Discuss the likely/possible value enhancements to be achieved if this deal proceeds (3 marks)

4.   Clearly outline the nature and structure of the bidder, the risks they would face in pursuing this deal and the next steps you expect they might take (3 marks)

5.   Identify alternative strategies for growth and/or restructuring from the target’s perspective. What alternative actions can Tassal take in response to the current offer (3 mark)

6.   Based on your analysis, provide a recommendation for Tassal aimed at maximising shareholder value ( 1 marks)

Further requirements

Address the requirements of each report requirement clearly. In preparing your report, it is recommended    you consider how charts, tables, subheadings and dot points can be used enhance the way you present your findings. Marks will be awarded for the clarity and depth of your analysis, the structure of your report and   how you present your findings. Please use minimum 10pt font with 2cm margins and include all references, if required, in a bibliography. Faculty and/or university referencing requirements must be followed and       academic honesty policies apply. Bibliography/reference section does not count towards word/page limit.

Written reports must be submitted via the Turnitin link labelled ‘Individual Assignment’ as a word of pdf   document. Please double check you have submitted your report and that you document your               submission through Turnitin (confirmation email/screenshot) to avoid late submission penalty issues.