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
Lampe & Malphrus Lumber Orders New USNR End Dogging Carriage Line
USNR is replacing the headrig system at Lampe & Malphrus Lumber Co. with a new end dogging carriage line, including the log infeed using belts, chains, and ending screws; pinnacle feeder; USNR carriage optimization with LASAR; reciprocating EDC with rotation; conical…
Alabama Wildlife Federation, The Westervelt Co. Unveil “Westervelt Forest”
Representatives of the Alabama Wildlife Federation (AWF) and The Westervelt Co. unveiled “Westervelt Forest” with a ribbon cutting on December 6. The seventy-acre working forest and wildlife demonstration area, located at AWF State Headquarters in Millbrook, Ala…
Hampton Creates New College Tech Endowment
Hampton Lumber & Family Forests is pleased to announce the creation of a Hampton Lumber Scholarship endowment for Tillamook Bay Community College (TBCC). The endowment will provide scholarships for students in TBCC’s forestry and manufacturing and industrial technology (MIT) programs…
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.