Canadian aquaculture giant Cooke Inc. has Tassal Group in the net with a $1.1 billion takeover offer after a pursuit that has highlighted the value of Australian protein-producing assets to offshore buyers amid concerns about global food security.

The cash offer, pitched at $5.23 a share, is a case of fourth time works a charm for Cooke, which had three previous offers rejected by the Tassal board and lost out to Brazilian meat processing giant JBS in last year’s battle forHuon Aquaculture.