Australia’s largest Tasmanian salmon producer Tassal Group has rejected another takeover bid by Canada-headquartered aquaculture giant Cooke Inc, saying the bid “does not reflect the fundamental value of the business and is not in the best interest of shareholders”.

Cooke made an offer to acquire 100 per cent of Tassal’s shares, which closed at $3.97 on Monday, at $4.85 per share, after revising their initial offers of $4.67 and $4.80. The $4.85 bid values the company at $US720 million ($1.04 billion). In early trade on Tuesday, Tassal shares are 14.9 per cent higher at $4.56.

“[Tassal’s] board evaluated these proposals and chose not to engage in relation to them,” the salmon grower said in an ASX statement.

Tassal’s board and the company financial advisor reviewed the $4.85 per share proposal but said it found it wasn’t an accurate reflection of the company’s value and not in shareholders’ interests.

“Accordingly, the company’s board has determined not to engage with Cooke regarding the indicative proposal,” the statement said.

“The company’s board of directors believes Tassal has an attractive independent future and is well positioned to deliver growth in shareholder value.”

Tassal’s statement comes a day after Cooke revealed it had acquired a 5.4 per cent stake, making it a substantial shareholder.

Melbourne dealmaker and former Tassal Group chairman David Williams purchased more than 10 million Tassal shares across last month which turned out to be on Cooke’s behalf.

Cooke previously attempted to acquire Huon Aquaculture but ultimately lost out to Brazilian-owned JBS, a meat and food processor.