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.