August 1, 2019 — The merger of the two largest US Pacific cod longline catching companies is under review by the US Department of Justice (DOJ), sources familiar with the deal told Undercurrent News.
If the DOJ approves the merger, the combined company will be renamed Blue North Clipper (BNC) and then, around 30 days later, acquired by the Bristol Bay Native Corporation (BBNC), the sources said. BBNC is set to take 75% of BNC, with the existing shareholders of both companies owning the rest.
It’s thought BNC will be relocated to the offices of Clipper, which is seen as being the driver of the deal, they said. It’s also thought Dave Little, the main shareholder in Clipper, will ultimately head up the combined company. Patrick and Michael Burns, the brothers who founded Blue North, will also remain involved, sources said.