Talks between owners of Seattle-based American Seafoods and Alaska's Bristol Bay Native Corporation (BBNC) have broken off, a source with knowledge of the negotiations told IntraFish.

In May, BBNC, now one of the largest holders of Pacific cod quota through a newly formed seafood subsidary, entered into talks to potentially acquire American Seafoods, which has been looking for new investors to replace its largest shareholder, private equity group Bregal Partners, which invested in American in 2015.

An outright sale of the company is also possible.