No-Go On Proposed Purchase Of Canfor
Canfor Corp. has agreed with Great Pacific Capital Corp., a wholly-owned subsidiary of Great Pacific, to terminate a previously announced arrangement agreement that called for Great Pacific, which already owns 51% of Canfor, to purchase the remainder of the shares for nearly $1 billion.
Based on a vote of Canfor shareholders, the “majority of the minority” vote required under a “Protection of Minority Security Holders in Special Transactions” instrument, will not be achieved, coming up at least 5% short in votes.
The deal, which would have turned Canfor from a public company into a private one, appeared to have the momentum to reach fruition, with the board of directors recommending it following endorsement from various special committees and shareholder services.
The board had stated that the purchase price represented a significant premium over the existing share price, and that ongoing industry headwinds in the forestry sector had caused some instability in trading prices and in company operations, including multiple curtailments of sawmill production.
RELATED ARTICLES
Canfor Plans New Sawmill In Louisiana
Canfor’s Vida Group Buys Sweden Mills
Latest News
MiCROTEC Appoints New Corvallis CEO
MiCROTEC has announced the appointment of Ofer Heyman as its new Chief Executive Officer in Corvallis, Ore. Heyman brings a wealth of experience and a background in the industry, making him a valuable addition to the MiCROTEC team…
SPI Names Robert Hoover Vice President Of Resources
Sierra Pacific Industries (SPI) has named Robert Hoover Vice President of Resources, effective Jan. 1, 2024. He will work with SPI’s team of professionals who sustainably manage the company’s 2.4 million acres of timberlands and provide a steady log supply for the company’s sawmills. Hoover is assuming this role following the retirement of Dan Tomascheski at the end of the year…
U.S. Housing Starts Boom In November
U.S. housing starts—single-family and multi-family combined—made their largest monthly increase in 2023, jumping 14.8% in November over October to a rate of 1.560 million. Single-family starts in November were at a rate of 1.143 million, a whopping 18% above October, while multi-family was 404,000 in November, up nearly 9% over October…
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.