31 July 2007

Long, lingering death

Fishery Products International (TSX: FPIL) postponed its annual meeting from August until October.
"Negotiations between FPI and these two companies are ongoing, and there is no certainty that definitive agreements and transactions will result," the company said in a release.

FPI said the postponement will allow it and its buyers to wrap up negotiations.

The Newfoundland and Labrador government approved the sale and breakup of FPI, one of Canada’s largest seafood processors, to rivals Ocean Choice and High Liner in May.

Russ Carrigan, a spokesman for FPI, said the news release doesn’t mean a deal is any less likely than when talks started in late May.

However, he said discussions over the value of the assets are complex because of the breakup of FPI into component parts.