Japanese seafood giant Umios – formerly Maruha Nichiro – has entered an agreement to acquire High Liner Foods.
According to a release from High Liner, the offer comprises of a share value of CAD 27 (USD 19.25, EUR 17.22), and is an all-cash, fully-financed offer that delivers a premium on its current stock. Prior to the announcement, High Liner’s shares were trading at roughly CAD 15 (USD 10.69, EUR 9.56), and according to the company, the offer represents a premium of 79 percent to the closing price on 23 October. Soon after the announcement, the company’s share price jumped to CAD 26 (USD 18.54, EUR 16.58).
The transaction values High Liner at roughly CAD 804 million (USD 573.5 million, EUR 512.9 million) on a diluted equity basis, and CAD 1.25 billion (USD 891 million, EUR 797 million) on an enterprise value basis, the company said.
“Umios’ offer recognizes the value of High Liner Foods’ business and its future potential, delivering a substantial premium and certainty of cash value to our shareholders,” High Liner Board Chair Robert Pace said in a release. “As part of our competitive review process, we assessed competing proposals alongside the company’s prospects as an independent business and concluded that Umios’ offer represents the best value for shareholders while supporting High Liner Foods’ next phase of growth.”
High Liner said the sales process was initiated following an unsolicited non-binding proposal to the company, which included a “targeted market check” of the parties that would be most interested in acquiring High Liner Foods. High Liner received several non-binding proposals from potential purchasers, and the process saw multiple rounds of bidding and the consideration of an undisclosed amount of alternate companies.
Ultimately, High Liner’s board unanimously settled on Umios’s offer after determining it to be in the best interest of the company and its shareholders.
“This transaction is a powerful endorsement of High Liner Foods, our people, and the business we have built from our roots in Lunenburg,” High Liner Foods President and CEO Paul Jewer said. “We know Umios through a longstanding commercial relationship, and Umios knows the value of our expertise, brands and customer relationships. Joining a global seafood leader gives us the scale, sourcing capabilities and investment capacity to pursue our ambitions in an industry poised for growth. Umios’ commitment to keeping our headquarters in Nova Scotia and its plans to invest in our people and the business give us confidence that this is the right path forward for High Liner Foods and our stakeholders.”
High Liner said that following the closure of the sale, Umios will establish it as the core platform for its North American business while maintaining the current headquarters in Lunenberg, Nova Scotia, Canada.
“High Liner Foods brings the capabilities and expertise needed to advance our North American growth strategy,” Umios President Daisuke Yasuda said. “As seafood consumption grows, we see significant value in connecting our access to marine resources with High Liner Foods’ ability to develop and deliver products customers want. Our offer reflects that strategic value, delivering a compelling return to High Liner Foods shareholders while creating opportunities for long-term growth and value creation for Umios. We look forward to working with the High Liner Foods team to realize that potential together.”
High Liner said the acquisition will be done through a court-approved plan of arrangement under Nova Scotia’s Companies Act, and completion of the deal is subject to the approval of at least 75 percent of votes cast by shareholders at a special meeting that will be held in December 2026.
Umios CEO Masaru Ikemi told SeafoodSource in March that the company is engaging in a “glocal” strategy, and that it plans to establish regional headquarters in four priority areas – Europe/Africa, Asia/Oceania, China, and North America. He also said the company’s medium-term strategy included corporate acquisitions, though at the time he couldn’t share the plans for High Liner Foods.
“We have stated in our medium-term management plan for fiscal years 2025-2027 that we will make approximately JPY 180 billion [USD 1.14 billion, EUR 1.02 billion] in regular and growth investments,” Ikemi said. “The overseas ratio in our overall investment will be 47 percent, an increase of 9 percentage points from the previous medium-term plan.”
