Great Pacific Capital offers $2 billion to take Canfor private
August 12, 2019
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Great Pacific Capital Corp has offered to take private Canadian integrated forest products company Canfor Corp at $16 per share, or about $2 billion overall, payable in cash, it said on Sunday.
Great Pacific, which already owns about 51 per cent of Canfor’s shares, said it has proposed that the offer is structured by way of a “court-supervised statutory plan of arrangement,” according to Reuters.
The statement added that there is no binding agreement in place and that there is no certainty that a deal will be agreed upon.
In response to the offer, Canfor cautioned its shareholders that the offer is non-binding on Great Pacific and reiterated that there is no certainty of the offer being pursued by Canfor.
The integrated forest products company said its board has formed a special committee of independent directors to review the offer after which it may issue a further response.