Thai Union Announces the Termination of Bumble Bee Acquisition
Bangkok, Thailand - December 4, 2015 – Thai Union Group Public Company Limited (TU), announced today that it has reached an agreement with Lion Capital to mutually terminate the acquisition of Bumble Bee Foods, LLC (Bumble Bee Seafoods). The termination of the Share Purchase Agreement is effective immediately.
Thai Union announced that it had agreed to acquire Bumble Bee Seafoods on December 19, 2014. Over the course of last twelve months, both Thai Union and Lion Capital have vigorously advocated the merits of the deal to the U.S. Department of Justice. However, 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.”