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
WWPA Opens 2023 Master Lumberman Nominations
WWPA is now seeking nominations from member companies for the 2023 Master Lumberman honors. The awards will be presented at the Association’s Annual Meeting, April 17, 2023, at the Embassy Suites PDX-Portland Airport Hotel…
Port Angeles Grant Boosts Port Efficiency
In Washington state, the Port of Port Angeles has been awarded an $8.6 million federal grant from the Dept. of Transportation Maritime Administration’s Port Infrastructure Development Program. The grant will provide key funding to assist in the repair and improvements to Port Angeles’ industrial…
Schooler Cuts Down The Net
Timber Processing magazine presented its 34th Annual Person of the Year award to Eric Schooler, CEO of Collins, as he prepared to embark on his new career of “retirement.” The presentation ceremony and reception, which was hosted by Hatton-Brown Publishers, Inc. and sponsored by Real…
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.