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
Warm Springs Mill Operators Say Layoffs Are Temporary
Laid-off Warm Springs Forest Products employees will be called back to work early next year after equipment and facility improvements are completed, a company official said last week. State officials said Tuesday that the central…
After Review, Southern Pine Gets Good Report Card
The Southern Pine Inspection Bureau (SPIB) has submitted its proposed design values for all grades and sizes of visually graded Southern Pine dimension lumber to the American Lumber Standard Committee (ALSC), which will meet on…
Opportunities, Ideas Are Everywhere At TP&EE 2012
Story by Dan Shell, Managing Editor This month’s cover story on Columbia Vista Corp. shows that a sawmill doesn’t have to be a large organization to be successful, and doesn’t need massive resources to produce…
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.