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
B.C. Sets New Records For Lumber Exports To China
After 10 months, the value of B.C.’s softwood lumber exports have broken a new record, Forests, Lands and Natural Resource Operations Minister Thomson announced today. To the end of October 2013, the value of total…
Chuck Roady, Five Others Appointed To Softwood Lumber Board
Agriculture Secretary Tom Vilsack has appointed six members to serve on the Softwood Lumber Board. Members will serve a three-year term of office beginning Jan. 1, 2014. New appointments include manufacturers Charles W. Roady, Columbia…
Canfor Announces Capital Investments In B.C. Sawmill
Canfor Corporation announced today that, subject to ratification of the tentative labor agreement between the Company and the United Steelworkers, the Company will proceed with capital investments totaling approximately $36 million to improve efficiency 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.