A $385-million merger of seafood companies Connors Bros. Income Fund and Bumble Bee Holdings LP is not quite in the net, with U.S. antitrust regulators requesting more time on Thursday to review data.
The U.S. Department of Justice's request will most likely delay the deal's closing date, which had been set for April 30.
â€They have to extend the time to review the data they want,†said Bruno Del Bel, Connors' chief financial officer.
â€If we need more time with the Department of Justice we have a meeting scheduled asking the market to extend the closing period.â€
In February, Connors, a top sardine producer based in Black Harbour, New Brunswick, said it would buy tuna and salmon producer Bumble Bee Holdings LP, in a deal that will create North American's largest branded seafood company.
San Diego, California-based Bumble Bee is the No. 2 U.S. producer of canned tuna, with brands including Clover Leaf and Bumble Bee.
Connors' units were down 14 Canadian cents to C$16.66 (US$ 12.26) on the Toronto Stock Exchange on Thursday afternoon.