Canfor Reaches Agreement to Sell Remaining 49% Stake to Great Pacific

SEATTLE (Scrap Monster): Canfor Corporation has reached an agreement with Jim Pattinson-owned Great Pacific Capital Corporation, by which it will sell the remaining 49% stake to the latter. The decision is based on the recommendation by an independent committee comprising of Canfor’s Board of Directors. It must be noted that Great Pacific along with its affiliates currently own 51% of shares in Canfor.

According to Canfor press release, Great Pacific will purchase the remaining 49% at $16 per share. The value of the deal is estimated at $980 million. The completion of the transaction will be subject to obtaining required court and other approvals and satisfaction of other customary closing conditions. A special meeting of Canfor’s shareholders is scheduled to be held in December this year.

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Conrad Pinette, Chair of the Canfor Special Committee noted that the transaction represents fair value for shareholders and is the correct path forward for the company, its employees, communities and shareholders.