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Bumble Bee canned tuna. (Photo Credit: Bumble Bee)
TUF expects to raise USD 380 million to finance Bumble Bee purchase
(THAILAND, 7/21/2015)
Canned tuna producer Thai Union Frozen Products Pcl (TUF) is planning to offer new shares to raise money in order to finance Bumble Bee Seafoods purchase.
A spokesperson for the firm consulted by FIS.com informed that 795.3 million new shares will be offered to its shareholders at THB 16 (USD 0.46) each, a 21 per cent discount to market prices.
With this strategy the firm hopes to collect THB 13 billion (USD 380 million).
"It's only USD 20 million less than the earlier announcement. The proceed is sufficient to finance the acquisition and we expect the deal to be closed in the fourth quarter," Chief Executive Thiraphong Chansiri told Reuters.
The acquisition still requires approval from US antitrust authorities.
In December last year, TUF entered into a binding agreement to obtain 100 percent of the shares of Bumble Bee Foods, LLC from Lion Capital, a pan-Atlantic private equity firm, for a total purchase price of USD 1.51 billion.
Bumble Bee generates annual sales of approximately USD 1 billion and estimated EBITDA for 2014 of USD 145 million.
With a workforce of more than 1,300 people, Bumble Bee produces and sells canned, pouched and frozen seafood products across the United States and Canada.
Including synergies between the two companies, the transaction is valued at approximately 8.6 times 2014 estimated EBITDA.
TUF is regarded as the world's largest producer of shelf-stable tuna products with annual sales exceeding THB 100 billion (USD 3.66 billion) and a global workforce of over 35,000 people.
Related article:
- TUF acquires Bumble Bee Seafoods
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Information of the company:
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Address:
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S.M. Tower, FL M, 979/12 Phaholyothin Rd., Samsennai, Phaya Thai
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City:
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Bangkok
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State/ZIP:
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(10400)
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Country:
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Thailand
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Phone:
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+66 2 298 0024
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Fax:
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+66 2 298 0553
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E-Mail:
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[email protected]
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