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