Clearwater Seafoods sold in $1 billion deal that will see Mi’kmaq communities own 50 per cent
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Clearwater president and CEO Ian Smith said in a joint-release with Premium Brands that the acquisition would “continue building on the legacy” of the company’s founders Colin MacDonald and John Risley, a Halifax billionaire. The release did not say if Risley would continue to be involved in Clearwater following the sale.
“We are very excited about working with Premium Brands and the Participating Communities to continue to grow and strengthen our business while preserving our culture and community presence in Atlantic Canada,” Smith said.
The deal offers Clearwater shareholders $8.25 per common share, which represents a 14 per cent premium over Clearwater’s closing price of $7.21 each on Monday. If the transaction closes later than end of January 2021, the purchase price will rise to either $8.30 per share or $8.35 per share. Including debt, the deal is worth approximately $1 billion.
“This represents a historic opportunity for the Mi’kmaq to strengthen our role in Canada’s commercial fisheries, including playing a much larger part in its unique deep-water fisheries,” Membertou First Nation Chief Terry Paul said in a release Monday.
Mi’kmaq fisheries were the source of tension recently in parts of Nova Scotia, where facilities have been vandalized in a dispute over off-season lobster fishing.
The RCMP have charged one fisherman with assault after an incident but no charges have come in others, including a cold storage facility burning down.
