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Clearwater Seafood Examines Potential Sale Proposals | Local business | Business
HALIFAX, N.S. –
Clearwater Seafoods Inc. is currently reviewing a range of proposals which includes the potential sale of all or part of the business.
Clearwater announced Thursday that it has started a formal strategic process to identify, review and assess "the strategic alternatives available to it to continue to increase shareholder value."
The Halifax company has formed a special committee of independent directors to solicit, review and evaluate the proposals, the statement said. The committee is chaired by Brendan Paddick and includes Jane Craighead, Vicki McKibbon, Karl Smith and Jim Dickson.
"Clearwater's board of directors has determined that it is timely, prudent and in the best interest of the company and its stakeholders to begin the strategic review in light of the company having recently received several expressions of interest, "the statement said.
The Board of Directors, including the representatives of the majority shareholders, "is committed to fully assessing the appropriate strategic options while simultaneously supporting the management and employees of the company in their continuous efforts" , said the statement.
The company stated that the options may include, but are not limited to, the sale of all or part of Clearwater's assets in one transaction or series, the outright sale of Clearwater, a merger or another transaction involving Clearwater and a third party, joint ventures, license agreements, various financing alternatives or other transactions.
The Special Committee retained RBC Capital Markets as financial advisor for the review and Stewart McKelvey as legal counsel.
"It is currently Clearwater's intention not to disclose developments regarding the strategic review unless and until the board of directors has approved a specific transaction, on the recommendation of the special committee, or that it decides otherwise that disclosure is necessary or appropriate, "the statement said. told me.
The company said there was no guarantee that the review would result in a transaction.
"Clearwater has not yet established a final timetable for completing its identification, review and examination of strategic alternatives," she said.
Clearwater presents itself as one of the largest vertically integrated seafood companies in North America and the largest crustacean license and quota holder in Canada. It was founded in 1976 by John Risley and Colin MacDonald; both are currently directors of the company.
Clearwater announced Tuesday that annual sales and adjusted profit before interest, taxes, depreciation and amortization were $ 616.2 million and $ 114.9 million respectively, compared to $ 592.2 million and $ 104.4 million dollars the previous year.
Thursday's announcement came shortly before the market opened. Clearwater shares rose approximately 10% to $ 5.60 early in the session.
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