No-Go On Proposed Purchase Of Canfor
Canfor Corp. has agreed with Great Pacific Capital Corp., a wholly-owned subsidiary of Great Pacific, to terminate a previously announced arrangement agreement that called for Great Pacific, which already owns 51% of Canfor, to purchase the remainder of the shares for nearly $1 billion.
Based on a vote of Canfor shareholders, the “majority of the minority” vote required under a “Protection of Minority Security Holders in Special Transactions” instrument, will not be achieved, coming up at least 5% short in votes.
The deal, which would have turned Canfor from a public company into a private one, appeared to have the momentum to reach fruition, with the board of directors recommending it following endorsement from various special committees and shareholder services.
The board had stated that the purchase price represented a significant premium over the existing share price, and that ongoing industry headwinds in the forestry sector had caused some instability in trading prices and in company operations, including multiple curtailments of sawmill production.
RELATED ARTICLES
Canfor Plans New Sawmill In Louisiana
Canfor’s Vida Group Buys Sweden Mills
Latest News
Forest Service Cancels Arizona 4FRI Phase 2 Process
Anxious bidders for the Phase 2 contract that’s part of the federal 4 Forests Restoration Initiative (4FRI) seeking to treat and improve forest health conditions on more than 2.5 million acres across four Arizona national forests were told to wait a…
Binderholz Implements Solutions From Trimble
Binderholz is implementing Trimble Forestry’s LIMS and WeighWiz solutions for its newly acquired sawmill location in Live Oaks, Fla. LIMS is a widely used log accounting and contracting system. LIMS provides management control over all phases of timberland, woodland, yard and mill operations…
IFG Closing Tricon Timber
Officials with Idaho Forest Group announced at the end of August the closure of its St. Regis, Mont. sawmill in late November. The company had acquired the mill in 2017 from Tricon Timber. A post on IFG’s website from August 2019 noted the company had added a sprinkler system, replaced some older equipment and…
Find Us On Social
Newsletter
The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.
Subscribe/Renew
Timber Processing is delivered 10 times per year to subscribers who represent sawmill ownership, management and supervisory personnel and corporate executives. Subscriptions are FREE to qualified individuals.
Advertise
Complete the online form so we can direct you to the appropriate Sales Representative.