Business

Connors Brothers merger with Bumble Bee approved by unitholders

Unitholders of Connor Brothers Income Fund on Friday approved a $385 million US deal to buy San Diego tuna processor Bumble Bee Holdings LP.

The merged company will become North America's largest branded seafood company.

Edward McLean, a trustee of the Fund and the president and CEO of Connors Brothers, said the deal won't be completed until approval has been obtained from the antitrust division of the U.S. Department of Justice.

Conner Brothers also on Friday announced a 10 cent distribution to unitholders.

Units the of the income fund were up 3 cents at $17.73 on Friday.