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
WWPA Opens Annual Meeting Registration
Registration is now available for the 2024 Western Wood Producers Assn. (WWPA) Annual Meeting. The meeting will be held at the Hotel Indigo in Vancouver, Wash., April 14-16. To register for the event visit, https://www.wwpa.org/about-wwpa/annual-meeting. To take advantage of the group rate, visit the Hotel Indigo website, and use group code WWP. The deadline for the group rate is March 14, or until the room block is sold out…
Forest Products Machinery & Equipment EXPO Announces 2025 Dates
The Southern Forest Products Assn. (SFPA) has announced the 38th Forest Products Machinery & Equipment EXPO will return to the Music City Center in Nashville from August 6-8, 2025. “The move to Nashville in August 2023 exceeded all expectations, and we heard it over and over on the show floor and for weeks after the event from exhibitors and attendees alike,” says Eric Gee, SFPA Executive Director…
Atlas Holdings Announces Sale Of RedBuilt
Atlas Holdings announced that it has entered into a definitive agreement to sell RedBuilt, LLC to Hampton Lumber Mills, Inc. Atlas formed RedBuilt with the acquisition of the commercial division of Trus Joist from Weyerhaeuser Co. in 2009. Over the next 14 years, the company became an industry leader in the engineering, design and manufacturing of proprietary wood-based structural solutions serving the low-rise commercial…
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.