West-Fraser's Takeover of Norbord Assets Received Final Court Nod

SEATTLE (Scrap Monster): A joint statement issued by West Fraser Timber Company Ltd and Norbord Inc. said that Norbord has obtained a final order from the Ontario Superior Court of Justice. The above said order approves the plan of arrangement whereby West Fraser will acquire all of the outstanding common shares of Norbord. Further to the transaction, Norbord shareholders will receive 0.675 of a West Fraser common share for each Norbord share held.

The acquisition transaction had earlier obtained key regulatory approvals. Also, a special meeting of Norbord’s shareholders conducted last week had given overwhelming approval for the deal. The special meeting of West Fraser shareholders too had approved the transaction.

Also, West Fraser received clearance from the New York Stock Exchange (NYSE) for the listing of the West Fraser shares, subject to satisfaction of customary listing conditions. The shares are expected to be listed on the NYSE under the stock symbol of “WFG”. Simultaneously, the Norbord shares will be delisted from the exchange.

ALSO READ: West Fraser and Norbord Announced Key Regulatory Approval Update

Now with all necessary approvals in place, the transaction is expected to close on 1^st February, 2021, subject to customary closing conditions.