High Liner Foods on Friday confirmed that it is engaged in “exclusive” talks with Icelandic Group to acquire the company’s U.S. and Asian processing assets.
The terms and conditions of the transaction are still being discussed and are subject to board approval, acknowledged the Canadian seafood supplier, one of North America’s largest.
High Liner is also still in the process of completing its due diligence review. As such, there can be no assurance that a final agreement will be reached, said the company.
High Liner has less than a month to hammer out the details of a deal, reported the Chronicle Herald.
Kelly Nelson, High Liner’s executive VP and CEO, told the Nova Scotia newspaper that it’s no done deal. “Just because we’re exclusive doesn’t mean we’re close to a deal,” he said. “There are pages and pages of conditions and terms that need to be negotiated. And they can be tough.”
High Liner said it will not comment further until a definitive agreement is reached or negotiations are called off. Friday’s announcement came at the request of market surveillance on behalf of the Toronto Stock Exchange.
In early January, High Liner Foods made an unsolicited offer to acquire Icelandic for EUR 340 million.
