Tassal Group Strategic Thoughts, page-656

"While Tassal’s board said Cooke’s offer was not high enough, Barrenjoey analyst Nick McGarrigle said it “represents a reasonable premium to underlying value”, and offered a higher price earnings multiple than JBS’s takeover of Huon and Salmar’s recent bid for Norway Royal."
https://amp.theaustralian.com.au/business/companies/canadas-cooke-aquaculture-makes-direct-takeover-pitch-to-tassals-top-shareholders/news-story/40a38dbcefd6bfc375a1009cce12751d

I suspect Barrenjoey analyst Nick McGarrigle has been colluding with Cooke affiliates, which is what prompted him to make "mistakes" and produce technically flawed valuation.

Now his flawed analysis is being used (rather than GS or CS) to proclaim Cooke is offering a premium.