Billionaire Jim Pattison’s Great Pacific offers to take Canfor private for $981 million

Billionaire Jim Pattison’s Great Pacific offers to take Canfor private for $981 million

//
1 min read

Great Pacific Capital Corp, a company controlled by billionaire Jim Pattison, has offered to take Canadian integrated forest products company Canfor Corp at $16 per share, or about $981.6 .

Great Pacific, which already owns about 51 per cent of Canfor’s shares, said it has proposed that the offer is structured by way of a “court-supervised statutory plan of arrangement.”

The statement added that there is no binding agreement in place and that there is no certainty that a deal will be agreed upon.

In response to the offer, Canfor cautioned its shareholders that the offer is non-binding on Great Pacific and reiterated that there is no certainty of the offer being pursued by Canfor.

The integrated forest products company said its board has formed a special committee of independent directors to review the offer after which it may issue a further response.

© Thomson Reuters 2019

Comments

Join the conversation

New deal beats offer by Montreal real estate developer
Latest blow to beleaguered producer
Toban Dyck: When U.S. soybean futures take a hit, Canadian farmers take that same hit save for one key difference: no government bailouts
Output in the quarter jumped nearly 27 per cent to 1.35 million ounces

Read More