The off-market takeover of Fremantle-based fishing company Mareterram Ltd (ASX: MTM) looks to be nearing completion.

Early last month, the company received an offer from South African deep-sea fisher Sea Harvest to buy all of the Mareterram shares it didn’t already own.

The all-cash bid was priced at 25 cents per share — a 25 per cent premium to the last traded price.

It was also conditional, requiring at least 90 per cent of MTM shareholders to accept Sea Harvest’s offer to buy their shares off-market.

That condition has now been met, according to this statement from Mareterram to the ASX late yesterday:

“Sea Harvest gives notice declaring that the condition to its off market takeover bid to acquire 100% of the shares in Mareterram has been fulfilled (so that the Offer has become free of that condition).”

It’s a done deal

In order to meet the condition, Sea Harvest only required the approval of around 15 per cent of Mareterram shareholders who hadn’t already agreed.

The company initially purchased 19.99 per cent of the shares in Mareterram in 2015. It then increased that to a controlling stake of 56.28 per cent in 2016 following a proportional bid for a percentage of each shareholder’s parcel of stock.

Its 2016 offer was priced at 35 cents, well in excess of the current bid to purchase the rest of the stock it doesn’t own.

Last month, Marterram CEO James Clement recommended that shareholders approve the latest offer, on the basis that the previous 35c valuation included a control premium.

Mareterram operates a prawn fishery at Shark Bay in Western Australia. It also runs a food division where it distributes and markets its Shark Bay products as well as other premium seafood brands.