Pacific Seafoods Calls off Ocean Gold Acquisition Rather than Face Litigation
SEAFOODNEWS.COM [Undercurrent News] by Jeanine Stewart - January 28, 2015
Pacific Seafood Group has called off its planned acquisition of Ocean Gold Seafoods, citing the need to avoid getting bogged down in litigation as the major reason.
On Friday, a federal judge temporarily blocked the company's acquisition of Westport, Washington-based fish processor Ocean Gold. The decision grew out of a hearing on a case filed by Jeff Boardman -- the same plaintiff in the anti-trust case against Pacific that was dismissed with prejudice in 2012 -- and backed by fishermen.
Pacific filed a motion to dismiss that case on Tuesday, stating in the filing "The proposed stock purchase agreement between a Pacific Seafood affiliate and other shareholders of Ocean Gold Seafoods, Inc. is dead and gone—it is no more...
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