THAILAND - Thai Union Group Public Company Limited (TU) and Lion Capital have mutually agreed to terminate the acquisition of Bumble Bee Foods, LLC.
The termination of the Share Purchase Agreement is effective immediately.
Thai Union announced the acquisition of Bumble Bee Foods in December 19 2014.
Over the course of last twelve months, both Thai Union and Lion Capital have advocated vigorously the merits of the deal to the US Department of Justice.
However, in light of the antitrust investigation initiated by the US Department of Justice on the packaged seafood industry in the United States, Thai Union and Lion Capital have concluded that the clearance is unlikely under the time stipulated in the share purchase agreement.
According to Mr Thiraphong Chansiri, President and CEO of Thai Union: “We have put a lot of efforts to get this deal approved. However, we also recognize that the clearance is now unlikely due to a higher level of complexity in the process.”
“We have decided to focus our energy on our existing business. Thai Union remains committed to the North American seafood market.”
TheFishSite News Desk