Deals
Bumble Bee Is in Talks With FCF Fishery for Bankruptcy Sale
- Taiwan bidder would take over largest U.S. tuna canner
- Bumble Bee plans Ch. 11 after pleading guilty to price-fixing
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Bumble Bee Foods LLC, the canned tuna producer that pleaded guilty to price-fixing, is in talks with seafood industry peer FCF Fishery to buy the company during a bankruptcy reorganization, according to people with knowledge of the discussions.
Taiwan-based FCF would act as a so-called stalking-horse bidder in a Chapter 11 reorganization, which Bumble Bee could file as soon as this week, said the people, who asked not to be identified discussing the private deliberations. A stalking-horse bid sets a floor for any other offers that emerge in a court-supervised sale. Talks could still fall apart and terms of any deal could change, they said.