Clearwater Seafoods Income Fund (CLR-UN.TO) jumped nearly 90% to its highest levels in about three years after confirming today that its board of trustees received a non-binding proposal from Cooke Aquaculture Inc. to acquire all of the issued and outstanding units of the fund not already owned by Cooke and all of the Clearwater Fine Foods Inc-owned Class B exchangeable units of Clearwater Seafoods Limited Partnership, together with the special voting units of the fund that attach to those Class B Units, and the 51 outstanding common shares of CS ManPar Inc.
The proposal contemplates the payment of cash consideration in the amount of $3.50 for each fund Unit, Class B Unit and common share of CS ManPar that would be acquired. The proposal also suggests that Cooke would intend to acquire and, at its option convert, all of the fund's outstanding convertible debentures, although no terms have been specified for the acquisition of the convertible debentures.
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