West Fraser's Acquisition of Norbord Gets Shareholders' Nod

SEATTLE (Scrap Monster):  West Fraser Timber Co. Ltd. and Norbord Inc., in a joint announcement, made clear that the shareholders of both the companies have given approval to all resolutions in connection with the acquisition of all of the issued and outstanding shares of Norbord by West Fraser.

The special meeting of the West Fraser common shareholders and Class B common shareholders, in a meeting held on January 19^th, 2021, approved the ordinary resolution to issue such number of West Fraser shares as is necessary to acquire 100% of the Norbord’s issued and outstanding shares. The meeting also approved an amendment to the stock option plan, which permits issuance of additional 1 million shares on the exercise of options granted pursuant to the company’s stock action plan.

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Meantime, the special meeting of Norbord shareholders held on the same date has approved the special resolution to approve the plan of arrangement under Section 192 of the Canada Business Corporations Act. The company will seek a final order from the Ontario Superior Court of Justice approving the above transaction.

Both the companies had submitted pre-merger notification notices on January 12^th, 2021. The Commissioner of Competition had issued a no-action letter. The transaction has also received competition approvals in the U.S. and Germany.