Tassal's board, which had rebuffed Cooke's previous offers as undervaluing the Tasmania-based company, finally came around after the Canadian aquaculture firm raised its bid to $5.23 a share from $4.85 earlier.
That represents a 49 per cent premium to Tassal's closing price of $3.52 on June 22, ahead of reports of Cooke buying shares in the Australian firm, and a 7 per cent improvement on its last offer.
"The Tassal board believes the revised proposal reflects appropriate long-term value for the business, and is unanimous in its view that the Scheme is in the best interests of Tassal shareholders," Chairman James Fazzino said on Tuesday.
At 1200 AEST, Tassal shares were up 5.1 per cent to $5.14 each.
Cooke has already built up a 10.5 per cent equity stake in the company, enough to potentially block any rival takeover offers.
The announcement comes as Tassal delivered a 32 per cent jump in its full year net profit to $63.69 million, largely thanks to higher salmon prices and an optimised sales mix.
Revenue for the year to June 2022 also rose 32.8 per cent to $788.67 million.
"On the back of the investment made, Tassal delivered a step change in cash generation in FY22, with attractive domestic industry dynamics and strong global supply-demand fundamentals underpinning strong pricing outcomes in the salmon and prawn markets," Tassal CEO Mark Ryan said.
It doubled international sales volumes for salmon, delivering a total of 43,075 hog equivalent tonnes in FY22, thanks to favourable market conditions.
Capacity investments also helped deliver a substantial lift in harvested tonnes and average yield for Prawns, with a 70 per cent jump in volumes to 5,697 tonnes.
The takeover deal will give Cooke access to Tassal's salmon farms across five marine zones, four freshwater hatcheries and four processing facilities in Tasmania, as well as prawn farming and seafood processing businesses in NSW and Queensland.
Cooke itself operates salmon farms in Canada, the United States, Chile and Scotland.
The takeover will not subject to any financing or due diligence conditions, and the Canadian company says it has already obtained Foreign Investment Review Board approval for the deal.
If the scheme is approved by Tassal shareholders, at a meeting likely to be held in November, the deal is expected to close before the end of 2022.
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