HALIFAX- Premium Brands Holdings Corp. and a group of Mi’kmaq First Nations have banded together to buy Clearwater Seafoods in a billion-dollar deal the seafood company’s chairman says is a step toward “advancing reconciliation in Canada.”<\/p>\n
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.<\/p>\n
The Mi’kmaq First Nations coalition, led by the Membertou First Nation, and Premium holdings will each acquire half ownership of Clearwater through the new partnership FNC Holdings Ltd.<\/p>\n
Membertou First Nation Chief Terry Paul called the purchase of Atlantic Canada’s largest fishing company “a transformational opportunity for the Mi’kmaq.”<\/p>\n
In a statement, he said the deal will allow Mi’kmaq “to become significant participants in the commercial fishery through the investment in existing infrastructure, management expertise, and a global market presence,.”<\/p>\n
The transaction has received unanimous approval of Clearwater’s board and is subject to approval by Clearwater shareholders in January.<\/p>\n
The $1-billion sale, including debt, would see Clearwater shareholders 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.<\/p>\n
This report by The Canadian Press was first published Nov. 10, 2020.<\/p>\n
Companies in this story: (TSX:CLR, TSX:PBH)<\/p>\n","protected":false},"excerpt":{"rendered":"
HALIFAX- Premium Brands Holdings Corp. and a group of Mi’kmaq First Nations have banded together to buy Clearwater Seafoods in a billion-dollar deal the seafood company’s chairman says is a step toward “advancing reconciliation in Canada.” The deal announced Monday would be the largest investment in the seafood industry by a Canadian Indigenous group and …<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":""},"categories":[32,39],"tags":[],"yoast_head":"\n