Aug 15, 2008 04:30 AM
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Clearwater Seafoods Income Fund units surged the most ever after the seafood producer agreed to sell itself to CS Acquisition Ltd. Partnership for $4.50 a unit.
Clearwater units rose 67 cents, or 18 per cent, to $4.42, the steepest gain in their six years of trading in Toronto. The Bedford, N.S.-based income trust first sold units at $10 apiece in its July 2002 initial public offering.
CS Acquisition is a group of investors including a number of related parties that already hold about 68 per cent of Clearwater's units, Clearwater said yesterday. The income fund's board of trustees recommends unit holders approve the transaction.
