No-Go On Proposed Purchase Of Canfor

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548381510056-0'); });

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.

Latest News

Fulghum Commissions Two 170 ft. Cranes At Canfor

Fulghum Industries, Inc. has completed the commissioning of two newly installed 170 ft., 45-ton log cranes as part of a $210 million project with Comact for Canfor Southern Pine at Axis, Ala. Certification for the…

Drax Idling Operations In Arkansas

Drax has made the decision to cease operations and idle pellet plant facilities in Leola and Russellville, Ark. The plants will cease operations and idle beginning November 1, 2025; operations at other U.S. sites will…

Charles Ingram Lumber Goes With Goldeneye

After a successful partnership built on years of experience with MiCROTEC’s Lucidyne scanner in southern yellow pine and support from customer care, Charles Ingram Lumber has chosen to partner with MiCROTEC again—investing in a Goldeneye…

« Older Entries

Next Entries »

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548381237439-0'); });

Find Us On Social

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380448760-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380578329-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380709898-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380656716-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380767732-0'); });

googletag.cmd.push(function() { googletag.display('div-gpt-ad-1548380810300-0'); });

Newsletter

The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.

Subscribe Now

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.

Complete the form

Advertise

Complete the online form so we can direct you to the appropriate Sales Representative.

Contact Us