Mi'kmaq First Nations joining with Premium Brands to buy Clearwater Seafoods for $1 B
Premium Brands Holdings Corp. and a group of Mi'kmaq First Nations are buying Clearwater Seafoods Inc. for $1 billion, including debt.
The deal announced Monday would be the largest investment in the seafood industry by a Canadian Indigenous group and comes eight months after Halifax-based Clearwater said it was exploring a possible sale.
Clearwater shareholders would receive $8.25 per share which represents a 60.2 per cent premium to the average volume-weighted average price for the 20-day period preceding the strategic review announcement on March 5.
The transaction has received unanimous approval of Clearwater's board and is subject to approval by Clearwater shareholders in January.
The Mi'kmaq First Nations coalition, led by the Membertou First Nation, and Premium holdings will each acquire half ownership of Atlantic Canada's largest fishing company that was founded in 1976.
The Mi'kmaq expect to hold Clearwater's Canadian fishing licences within a fully Mi'kmaq-owned partnership.