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
Good Stories From Here To There
googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1548381510056-0’); }); Article by Rich Donnell, Editor-In-Chief, Timber Processing, March 2016 We really like the two sawmill features that appear in this issue because they are distinctly different (and about 2,000 miles from…
USDA Sets Dates For Softwood Check-Off Program Referendum
The U.S. Department of Agriculture’s (USDA) Agricultural Marketing Service (AMS) announced today that a continuance referendum will be conducted among eligible domestic (U.S.) manufacturers and importers of softwood lumber from August 1 through Aug. 25,…
Appalachian Lumber Industry Shows Improvement After 2008 Recession
While the lumber economy is improving, it still has a long way to go to fully bounce back from the 2008 recession. For the consumer, this means cheaper prices for raw wood materials needed to…
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.