Thai Union Makes $575 Million Investment to purchase up to 49% of Red Lobster
SEAFOODNEWS.COM by John Sackton - October 10, 2016
Thai Union Group has made a major strategic investment in Red Lobster, for $575 million, the company announced today. The purchase will give Thai Union 25% of Red Lobster's voting shares. In addition, the purchase included $345 million for preferred shares, which can be converted to voting shares equal to 24% of Red Lobster at any time in the next ten years. Should Thai Union exercise this option, it would own 49% of the company. Thai Union is under no obligation to convert the preferred shares to voting shares.
Golden Gate Capital, which purchased Red Lobster when it was spun off from Darden will remain the majority owner, and retain operational control as part of the agreement. ..
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