West Fraser and Norbord Announced Key Regulatory Approval Update
In addition, Norbord received an interim order from the Ontario Superior Court of Justice, authorizing the company to proceed with various formalities including the holding of the Norbord Meeting.
SEATTLE (Scrap Monster): West Fraser and Norbord Inc. announced significant progress to its strategic merger deal.
On December 18th, 2020, the U.S. Federal Trade Commission granted early termination of the waiting period under the HSR Act. Also, the transaction received clearance from the German federal cartel office under the German merger control law on 21st December. The termination of the waiting period and the clearance under the German law are in satisfaction to the conditions of the Arrangement, which still remains subject to other customary closing conditions including the approval by shareholders of both the companies.
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In addition, Norbord received an interim order from the Ontario Superior Court of Justice, authorizing the company to proceed with various formalities including the holding of the Norbord Meeting. Accordingly, the company has scheduled a virtual meeting for 10:00 AM Vancouver time on January 19, 2021, whereby the shareholders will be asked to consider and vote on a resolution to approve the acquisition agreement.
Meantime, West Fraser too will hold a virtual meeting at 11:00 a.m. (Vancouver time) on the same day. During this meeting, the shareholders will be asked to consider and vote on a resolution authorizing issuance of the company’s shares as is required for the acquisition of 100% of the issued and outstanding shares of Norbord.