Nova Scotia-based seafood giant Clearwater Seafoods explores possible sale

Nova Scotia-based seafood giant Clearwater Seafoods Inc. (TSX:CLR) says it is exploring a possible sale of the company after receiving several expressions of interest.

In a news release issued Thursday, the company says it has formed a special committee of independent directors as part of a strategic review.

It says the committee’s options include a sale of all or a portion of Clearwater’s assets in either one transaction or a series of transactions, an outright sale of the company, or a merger.

The committee will also examine joint ventures, licensing arrangements and various financing alternatives or significant transactions.

Clearwater, which harvests lobster, shrimp, crab, scallops, clams and sea cucumber, reported sales of $616 million in 2019.

Founded in 1976, Clearwater is one of North America’s largest seafood companies and is the largest holder of shellfish licences and quotas in Canada.

“Clearwater cautions that there are no assurances or guarantees that the strategic review will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction,” the company said.

It said the special committee had engaged RBC Capital Markets as its financial adviser and Halifax law firm Stewart McKelvey as its legal adviser.

This report by The Canadian Press was first published March 5, 2020.

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