West Fraser Timber Completed Substantial Issuer Bid

SEATTLE (Scrap Monster): West Fraser Timber Co. Ltd. announced successful completion of substantial issuer bid.

The company has taken up and purchased for cancellation a total of 11.898 million common shares at a price of $95 per share under its substantial issuer bid for an aggregate purchase price of around $1.130 billion. The shares purchased accounted for almost 11.7% of the total number of the company’s issued and outstanding shares as well as Class B shares at the time of announcement of the bid in April this year.

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Further to the completion of the bid, West Fraser will have 87,473,547 Shares and 2,281,478 Class B shares issued and outstanding. Since the completion of the Norbord acquisition in February 2021, West Fraser has repurchased 33.542 million shares through two substantial issuer bids as well as normal course issuer bids. Also, the company has returned approximately $112 million to shareholders through dividends, over the same period, said the company press release.

Ray Ferris, President & CEO, West Fraser said that the company is pleased to have completed its second substantial issuer bid. The fact that the tender offer was not oversubscribed suggests that many of its shareholders still see considerable upside value in the company shares, he added.