High Liner Foods to be bought by Umios in deal valued at $804M
The companies say Umios plans to establish High Liner Foods as the core platform for its North American business, while maintaining its headquarters in Nova Scotia.
High Liner headquarters to remain in Nova Scotia
The Canadian Press
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Seafood processor High Liner Foods Inc. says it has signed a deal to be bought by Japanese company Umios Corp. in an agreement valued at $804 million.
Under the agreement, Umios, one of the world's largest seafood companies, will pay $27 per share in cash.
High Liner shares closed at $15.08 on the Toronto Stock Exchange on Friday.
The companies say Umios plans to establish High Liner Foods as the core platform for its North American business, while maintaining its headquarters in Nova Scotia. One of the company's major manufacturing facilities is located in Lunenburg, N.S., and its corporate head office is in Halifax.
They say Umios has committed to maintaining High Liner Foods' workforce and operations, established brands and customer relationships.
Thornridge Holdings Ltd., which holds a 41.4 per cent stake in High Liner, has agreed to support the deal, which requires shareholder and other approvals.
High Liner products are sold throughout the U.S. and Canada under brands including High Liner, Sea Cuisine, Fisher Boy and Catch of the Day.
High Liner Foods is the largest prepared seafood processing operation in North America, the company says. It produces a range of seafood products from its manufacturing facilities in Lunenburg, N.S., Newport News, Virginia, and Portsmouth, New Hampshire.
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