Clearwater Seafoods Income Fund said Monday that it has put into place a defence plan to allow its board of trustees to pursue alternatives to an unsolicited takeover.
New Brunswick-based Cooke Aquaculture Inc. announced Aug. 12 its plans to buy the remaining units of Clearwater that it doesn’t own for $3.50 each, valuing the income fund at about $97.1-million.
Clearwater said in a statement that its trustees are continuing to evaluate the unsolicited and non-binding proposal from Cooke Aquaculture.
Cooke currently holds 20.2 per cent of the fund’s units and 10.9 per cent of voting rights of Clearwater Fine Foods Inc.
Clearwater Fine Foods Inc., which holds 48.2 per cent of voting rights of the fund, has so far refused to sell any of its 4.6 per cent equity stake and has told the fund’s board that it does not believe the Cooke bid is a fair one.