Canada’s High Liner Foods made an unsolicited offer Tuesday to buy privately held seafood company Icelandic Group for 170 million euros ($226.2 million) to strengthen its presence in the United States.
High Liner, a Nova Scotia-based frozen seafood processor, said it would also assume 170 million euros in debt.
However, Icelandic Group, which supplies seafood in Europe and the United States, is negotiating with a European private equity firm and has indicated that it will not engage in any negotiations with other parties until Jan. 8, High Liner said in a statement.
High Liner expects the acquisition of the Reykjavik, Iceland-based company to add to its earnings before one-time costs. It plans to finance the acquisition through a combination of its existing asset-based working capital facility, new long-term debt and equity.
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