Bumble Bee sale may be announced by end of year, Thai Union, Mitsubishi leading contenders
SEAFOODNEWS.COM [Undercurrent News] by Tom Seaman Dec 12, 2014
Thai Union Frozen Products and Mitsubishi Corporation are now seen as the frontrunners in the race to acquire Bumble Bee Foods, the largest shelf stable seafood firm in the US, write Tom Seaman of Undercurrent News.
The Thai tuna and shrimp processing giant, the management of which have just been on a non-deal roadshow in the US, is still a strong player in the process and has been seen by many as a natural buyer from the start, sources told Undercurrent News.
Japanese trading conglomerate Mitsubishi, which is looking to acquisitively boost its seafood business and already owns European canned tuna brand Princes as well as 7.58% in Thai Union, is also still being seen as a possible buyer.
First round bids for San Diego, California-based Bumble Bee were reportedly made in October to owner Lion Capital by Thai Union, Mitsubishi and Post Holdings, a US food processing group, after which a due diligence process started.
Final bids are now thought to be pending, with Thai Union and Mitsubishi still involved....
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