(Lunenburg, Canada) - High Liner Foods has agreed to a proposed takeover by Japan’s Umios at C$27 per share in cash, with shareholder, court and regulatory approvals still required.

The companies announced the agreement October 26. High Liner puts its equity value at approximately C$804 million and the enterprise value at C$1.25 billion. These measure different things and should not be presented as competing purchase-price figures.

Nova Scotia commitments

Umios says High Liner will remain headquartered in Nova Scotia and become the core of its North American business. High Liner says the agreement includes commitments to maintain its workforce, operations, brands and customer relationships.

Those are the companies’ commitments for the proposed transaction, rather than independently established long-term employment outcomes.

High Liner chief executive Paul Jewer told The Canadian Press that the company employs about 300 to 400 people in Nova Scotia and approximately 1,300 across North America. He said employees would keep their jobs.

What must happen next

High Liner says a special shareholder meeting is expected in December. The deal requires approval from 75 per cent of votes cast, along with court approval and applicable regulatory clearances.

Its board unanimously recommends approval. Holders of approximately 45.4 per cent of outstanding shares have signed voting-support agreements, according to the releases. That support does not mean the shareholder vote has already occurred.

High Liner expects closing in the first quarter of 2027; Umios identifies January as its expected timing. Both remain conditional forecasts. High Liner will operate independently until closing.

Umios describes the deal as connecting its seafood sourcing with High Liner’s processing, brands and distribution. The expected commercial benefits remain company projections.

Sources: High Liner announcement, October 26; Umios announcement, October 26; The Canadian Press via CityNews.

Editorial illustration of frozen-seafood processing and a proposed business transaction; not an actual company facility or signing.