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Tassal Group Ltd (ASX:TGR) has rejected a takeover bid from private equity group Pacific Equity Partners.

The salmon farming company says Pacific Equity Partners had proposed a bid of between $1.80 to $1.90 cash per share, valuing the takeover between $263 million to $278 million.

Tassel says after consideration and independent advice it believes the equity group's bid undervalues the company.

On Tuesday shares in Tassal eased 1.55 per cent to close at $1.59, which gives Tassel a market value of around $231 million.

Tassal Group posted a net profit of $28 million in the 2010 financial year.