Pinnacle Renewable Energy To Be Acquired By Drax Group
Pinnacle Renewable Energy Inc. has entered into an arrangement agreement with Drax Group and its wholly-owned subsidiary, Drax Canadian Holdings Inc., pursuant to which Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures.
Duncan Davies, Pinnacle’s CEO, says, “Pinnacle’s Board of Directors has unanimously determined that the transaction represents the best course of action for the company and its shareholders. On closing, the transaction will deliver immediate, significant and certain cash value to our shareholders. At the same time, the combination of Pinnacle and Drax will create a global leader in sustainable biomass with the vision, technical expertise and financial strength to help meet the growing demand for renewable energy products around the world.”
The several minority partnerships Pinnacle has in place with sawmill companies appear to remain under the proposed acquisition.
RELATED ARTICLES
Satellite Pellet Mills Will Count On Sawmill Byproducts
Drax Purchase Alters Biomass Landscape
Latest News
Worldwide Softwood Lumber Demand Pushes Prices Higher
Increased demand for softwood lumber worldwide has pushed lumber prices higher, especially in the United States and China during the first half of 2017, according to the Wood Resource Quarterly, published by Wood Resources International…
The Outdoors Were In Good Hands
Article by Rich Donnell Editor-in-Chief A good friend of mine died on Labor Day. Forrest Bailey was recently retired, after 33 years as the natural resources section chief for the Alabama State Parks Division of…
Montana Senators Take Aim At Canadian Lumber Exports
Montana’s two U.S. Senators testified Wednesday before a federal commission tasked with investigating Canadian lumber export practices. Sens. Steve Daines (R) and Jon Tester (D) were joined by colleagues from other western states and representatives…
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.