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Canfor going private after near-billion-dollar deal with Jim Pattison

Forestry giant Canfor issued a news release Monday night stating an agreement had been struck in which Jim Pattison’s company Great Pacific Capital Corp “will acquire all of the Canfor shares it does not already own for cash consideration of $16 per Canfor share.”

The $16 a share deal would cost Pattison $982 million.

Canfor, which employs more than 5,100 people, said the transaction will require the approval of 66.6 % of votes cast by holders of canfor shares, and a simple majority of votes cast by shareholders after excluding any Great Pacific shareholders.

Once the transaction is complete, Canfor will become a private company under the Pattison umbrella that includes supermarkets, fisheries, radio stations and billboards.


The full news release is right here.

 

 

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Hartley Miller
Hartley Miller
Hartley is the News Director for Vista Radio’s B.C. North division, as well as the morning news anchor for 94.3 The GOAT and Country 97FM. He has served as the colour commentator for Prince George Cougars home games for 12 seasons. Hartley has been a fixture on the airwaves since 1979. He is the author of You Don’t Say, a collection of his most memorable sports quotes. Hartley is married with two children and four grandchildren.

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